Union Bankshares Announces Completion of $16.5 Million Private Placement of Subordinated Notes
26 Août 2021 - 10:55PM
Union Bankshares, Inc. (NASDAQ - UNB) is pleased to announce that
the Company has completed a private placement of $16.5 million in
aggregate principal amount of fixed-to-floating rate subordinated
notes due 2031 (the “Notes”) to certain qualified institutional
buyers and accredited investors.
The Notes will initially bear interest at 3.25%
per year, payable semi-annually in arrears. Beginning September 1,
2026 through the maturity date or earlier redemption, the interest
rate will reset quarterly based on the then current Three-Month
Term SOFR plus 263 basis points, payable quarterly in arrears. Also
beginning on September 1, 2026 through maturity, the Notes may
be redeemed in whole or in part, at the Company’s option. The Notes
will mature on September 1, 2031.
The Notes are structured to qualify as Tier 2
capital instruments for regulatory capital purposes. The Company
intends to utilize the proceeds from the sale of the Notes to
provide additional capital support to the Company’s wholly-owned
subsidiary, Union Bank, to support growth and for other general
corporate purposes.
Union Bankshares, Inc. CEO David Silverman
stated, “We are very pleased to have successfully completed this
subordinated debt issuance at favorable pricing.” PNC FIG Advisory
served as sole placement agent. Primmer Piper Eggleston &
Cramer PC served as legal counsel to the Company and Pillar+Aught
served as legal counsel for the placement agent.
Union Bankshares, Inc., headquartered in
Morrisville, Vermont, is the bank holding company parent of Union
Bank, which provides commercial, retail, and municipal banking
services, as well as, asset management services throughout northern
Vermont and New Hampshire. Union Bank operates 17 banking offices,
three loan centers, and multiple ATMs throughout its geographical
footprint.
Forward-Looking Statements
Statements made in this press release that are
not historical facts are forward-looking statements. Investors are
cautioned that all forward-looking statements necessarily involve
risks and uncertainties, and many factors could cause actual
results and events to differ materially from those contemplated in
the forward-looking statements. When we use any of the words
“believes,” “expects,” “anticipates” or similar expressions, we are
making forward-looking statements. The following factors, among
others, could cause actual results and events to differ from those
contemplated in the forward-looking statements: uncertainties
associated with general economic conditions; changes in the
interest rate environment; inflation; political, legislative or
regulatory developments; acts of war or terrorism; the markets'
acceptance of and demand for the Company's products and services;
technological changes, including the impact of the internet on the
Company's business and on the financial services market place
generally; the impact of competitive products and pricing; and
dependence on third party suppliers. For further information,
please refer to the Company's reports filed with the Securities and
Exchange Commission at www.sec.gov or on our investor page at
www.ublocal.com.
Contact: David S.
Silverman(802) 888-6600
Union Bankshares (NASDAQ:UNB)
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