By Devika Patel
Knoxville, Tenn., March 14 – Citizens Community Bancorp, Inc. will place $35 million of 4.75% 10-year fixed-to-floating rate subordinated notes, according to an 8-K filing with the Securities and Exchange Commission. The deal priced on March 11 and will be conducted by co-placement agents Janney Montgomery Scott LLC and Hovde Group, LLC.
Interest is fixed at 4.75% for the first five years and then floats at SOFR plus 329 basis points. The notes are callable at par on or after April 1, 2027.
Taft Stettinius & Hollister LLP acted as legal counsel.
Citizens expects the notes to qualify as tier 2 capital.
Citizens is an Eau Claire, Wis., full-service bank.
| Issuer: | Citizens Community Bancorp, Inc.
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| Issue: | Subordinated notes
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| Amount: | $35 million
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| Maturity: | April 1, 2032
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| Coupon: | 4.75% until April 1, 2027, then floating at SOFR plus 329 bps
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| Call: | On or after April 1, 2027 at par
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| Agents: | Janney Montgomery Scott LLC and Hovde Group, LLC
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| Legal counsel: | Taft Stettinius & Hollister LLP
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| Pricing date: | March 11
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| Settlement date: | April 1
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| Distribution: | Private placement
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