By Devika Patel
Knoxville, Tenn., July 15 – Old Point Financial Corp. settled a $30 million private placement of 3.5% fixed-to-floating rate tier 2 subordinated notes due July 31, 2030, according to a press release.
Performance Trust Capital Partners, LLC was the agent.
Interest accrues at 3.5% per year for the first five years. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 286 basis points.
The notes are may be prepaid on or after July 15, 2026.
Proceeds will be used for general corporate purposes.
Based in Hampton, Va., Old Point Financial provides personal and commercial financial services.
| Issuer: | Old Point Financial Corp.
|
| Issue: | Fixed-to-floating rate tier 2 subordinated notes
|
| Amount: | $30 million
|
| Maturity: | July 15, 2031
|
| Coupon: | 3.5% until July 15, 2026, then at SOFR plus 286 bps
|
| Call: | On or after July 15, 2026
|
| Agent: | Performance Trust Capital Partners, LLC
|
| Announcement date: | July 15
|
| Distribution: | Private placement
|
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