By Devika Patel
Knoxville, Tenn., July 9 – Evans Bancorp, Inc. settled $20 million private placement of 6% fixed-to-floating rate subordinated notes due July 15, 2030 on July 9, according to an 8-K filed with the Securities and Exchange Commission. Piper Sandler & Co. was the agent.
Interest accrues at 6% per year for the first five years. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 590 basis points.
The notes are redeemable at par after five years.
Proceeds will be used for general corporate purposes, organic growth and for investment in Evans Bank, NA.
The financial holding company is based in Hamburg, N.Y.
| Issuer: | Evans Bancorp, Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $20 million
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| Maturity: | July 15, 2030
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| Coupon: | 6% until July 15, 2025, then at SOFR plus 590 bps
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| Call: | At par on or after July 15, 2025
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| Agent: | Piper Sandler & Co.
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| Settlement date: | July 9
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| Distribution: | Private placement
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