USAmeriBancorp in Clearwater, Fla., has completed a private placement to institutional investors of $45 million in subordinated notes.

The notes mature April 1, 2026, and are non-callable for five years. They will bear interest at a fixed rate of 6.25% for five years and then move to a floating rate based on the three-month Libor plus 4.945%.

The debt is structured to qualify at Tier 2 capital and holds a BBB- rating from Kroll Bond Rating Agency.

USAmeriBancorp said in a news release Monday that it plans to use the processed from the private placement for growth initiatives, the partial redemption of preferred stock and general corporate purposes.

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