West Shore Bank: 2021.11.15 West Shore Bank Corporation completes $ 20 million subordinated note offer
Bradley T. Howes, Senior Vice President and Chief Financial Officer
Raymond A. Biggs, President and CEO
For immediate release
November 15, 2021
WEST SHORE BANK COMPANY COMPLETES $ 20 MILLION OFFER
LUDINGTON, MI – West Shore Bank Corporation (OTC: WSSH) (the âCompanyâ), the parent company of West Shore Bank, today announced the closing of a private placement of $ 20.0 million in total capital of its 3.375% – variable rate subordinated notes maturing in 2031 (the âNotesâ). The Company intends to use the net proceeds from the Notes for general corporate and strategic purposes.
The Notes will initially bear interest at a fixed interest rate of 3.375% per annum until November 12, 2026, after which the interest rate will be reset quarterly to an annual interest rate equal to the three-month SOFR plus 234 basis points. The Notes will mature on November 12, 2031.
Performance Trust Capital Partners, LLC acted as sole placement agent for the transaction and was represented by Varnum LLP. Warner Norcross + Judd LLP acted as legal counsel to the Company.
The Securities have not been registered under the Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, and there will be no sale in any jurisdiction in which such an offer, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of that jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.
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Founded in 1898, West Shore Bank is an independent community bank with nine full-service bank offices. Additionally, West Shore Bank-Wealth Management provides investment, trust and insurance services, with offices in Traverse City, Ludington and Muskegon. For more information visit www.westshorebank.com.