Community Heritage Financial wraps $15 million placement of 10-year fixed-to-floaters

By Devika Patel

Knoxville, Tenn., Oct. 18 – The week ended with one private placement announced on Friday.

Middletown, Md.-based Community Heritage Financial, Inc. issued $15 million of fixed-to-floating-rate subordinated notes due 2029 in a private placement.

The notes bear interest at a fixed rate of 5.75% per year up to but excluding Oct. 30, 2024.

From and including Oct. 30, 2024 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to Libor plus 439.5 basis points.

The notes have been structured to qualify as tier 2 capital.

Boenning & Scattergood, Inc. was the agent.

Proceeds will be used for general corporate purposes.

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