By Wendy Van Sickle
Columbus, Ohio, Feb. 4 – Third Century Bancorp sold $10 million of fixed-to-floating rate subordinated notes due 2032 to qualified institutional investors through a private placement, according to a news release.
The notes have an initial interest rate of 3.75% and become callable on Feb. 15, 2027 starting on which date the coupon will reset quarterly at SOFR plus 224 basis points.
The placement agent was Boenning & Scattergood, Inc.
Proceeds will be used for general corporate purposes.
The Franklin, Ind.-based issuer is the holding company for Mutual Savings Bank. Third Century is a full-service financial institution.
| Issuer: | Third Century Bancorp
|
| Amount: | $10 million
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Maturity: | Feb. 15, 2032
|
| Placement agent: | Boenning & Scattergood, Inc.
|
| Coupon: | 3.75% for first five years, then resets quarterly at SOFR plus 224 bps
|
| Call option: | Callable after five years
|
| Announcement date: | Feb. 4
|
| Distribution: | Private placement
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