Highlands Bancorp privately places $5 million of subordinated debt

By Lisa Kerner

Charlotte, N.C., May 19 - Highlands Bancorp, Inc. privately placed $5 million of subordinated debt, the proceeds of which will be used for strategic growth purposes and to supplement its bank's regulatory capital levels.

"Highlands is one of the first community banks to successfully access the debt markets," chief executive officer George E. Irwin said in a company news release.

FIG Partners was the placement agent.

Highlands Bancorp, a Vernon, N.J.-based bank holding company, is the parent company of Highlands State Bank.

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