By Wendy Van Sickle
Columbus, Ohio, June 10 – Eagle Bancorp Montana, Inc. completed a private placement of $15 million of 10-year fixed-to-floating rate subordinated notes, according to a news release Wednesday.
The notes will bear interest at an annual rate of 5.5% until July 1, 2025, and thereafter at SOFR plus 509 basis points.
Brean Capital, LLC was the placement agent.
Proceeds from this placement will be used for general corporate purposes, including redemption of the issuer’s outstanding $10 million of 6.75% subordinated notes due 2025.
Eagle is a bank holding company based in Helena, Mont.
| Issuer: | Eagle Bancorp Montana, Inc.
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| Issue: | Subordinated notes
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| Amount: | $15 million
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| Maturity: | July 1, 2030
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| Agent: | Brean Capital, LLC
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| Coupon: | 5.5% for first five years, then SOFR plus 509 bps
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| Settlement date: | June 10
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| Distribution: | Private placement
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