By Wendy Van Sickle
Columbus, Ohio, April 16 – Southern Michigan Bancorp, Inc. completed a private placement of $30 million of 3.75% 10-year fixed-to-floating rate subordinated notes due 2031 to qualified investors, according to a news release.
The notes mature on April 16, 2031.
Interest converts to a floating rate equal to SOFR plus 302 basis points on April 16, 2026.
The notes were designed as tier 2 capital.
The bank holding company is the parent company of Southern Michigan Bank & Trust and is based in Coldwater, Mich.
| Issuer: | Southern Michigan Bancorp, Inc.
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $30 million
|
| Maturity date: | April 16, 2031
|
| Coupon: | 3.75% until April 16, 2026, then SOFR plus 302 bps
|
| Call: | On or after June 30, 2026 or upon occurrence of certain events
|
| Placement agent: | Performance Trust Capital Partners, LLC
|
| Issue date: | April 16
|
| Distribution: | Private placement
|
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