TowneBank Announces Completion of Subordinated Notes Offering
09 Février 2022 - 5:55PM
TowneBank (Nasdaq: TOWN) announced today the completion of its
public offering and sale of $250 million of its 3.125%
fixed-to-floating rate subordinated notes due 2032 (the “Notes”).
The Notes were sold at par, resulting in net proceeds, after
discounts and estimated offering expenses, of approximately $247
million.
TowneBank intends to use the net proceeds of this offering for
general corporate purposes, which may include, among other things,
redeeming TowneBank’s 4.5% fixed-to-floating rate subordinated
notes due 2027 after they become callable on July 30, 2022,
financing organic growth or strategic acquisitions, repurchases of
shares of its common stock, supporting regulatory capital levels,
and ongoing working capital needs.
Piper Sandler & Co. acted as sole book-running manager for
the offering.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes in the offering, nor
shall there be any sale of the Notes in the offering in any state
or jurisdiction in which such an offer, solicitation or sale would
be unlawful under the securities laws of any such jurisdiction.
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships,
offering a full range of banking and other financial services, with
a mission of serving others and enriching lives. Dedicated to a
culture of caring, TowneBank values all employees and members by
embracing their diverse talents, perspectives, and experiences.
Today, TowneBank operates over 40 banking offices throughout
Hampton Roads and Central Virginia, as well as Northeastern and
Central North Carolina – serving as a local leader in promoting the
social, cultural, and economic growth in each community. TowneBank
offers a competitive array of business and personal banking
solutions, delivered with only the highest ethical standards.
Experienced local bankers providing a higher level of expertise and
personal attention with local decision-making are key to the
TowneBank strategy. TowneBank has grown its capabilities beyond
banking to provide expertise through its controlled divisions and
subsidiaries that include Towne Investment Group, Towne Wealth
Management, Towne Insurance Agency, Towne Benefits, TowneBank
Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway
HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne
Vacations. With total assets of $16.36 billion as of December 31,
2021, TowneBank is one of the largest banks headquartered in
Virginia.
Forward-Looking Statements:
This press release contains certain forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are not historical facts,
but instead represent only the beliefs, expectations, or opinions
of TowneBank and its management regarding future events, many of
which, by their nature, are inherently uncertain. Forward-looking
statements may be identified by the use of such words as:
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or
words of similar meaning, or future or conditional terms, such as
“will,” “would,” “should,” “could,” “may,” “likely,” “probably,” or
“possibly.” These statements may address issues that involve
significant risks, uncertainties, estimates, and assumptions made
by management. Any forward-looking statements made by us or on our
behalf speak only as of the date they are made or as of the date
indicated, and we do not undertake any obligation to update
forward-looking statements as a result of new information, future
events, or otherwise. For information on the factors that could
materially influence forward-looking statements included in this
release, see the “Risk Factors” in TowneBank’s Annual Report on
Form 10-K for the year ended December 31, 2020 and related
disclosures in other filings that have been, or will be, filed by
TowneBank with the Federal Deposit Insurance Corporation.
For more information,
contact:G. Robert Aston, Jr. 757-638-6780William B.
Littreal 757-638-6813
TowneBank (NASDAQ:TOWN)
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