LCNB closes $25 million subordinated notes offering
LCNB•LCNB closes subordinated notes offering
- LCNB closed a private placement of USD 25 million 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036.
- Net proceeds earmarked to repay about USD 8.8 million of existing long-term debt.
- Remaining proceeds set for general corporate purposes, including supporting growth at LCNB National Bank.
- Notes pay 6.50% fixed for five years, then float at 3-month SOFR + 234 basis points; callable from Aug. 15, 2031.
- Debt structured to qualify as Tier 2 regulatory capital.
