Sturgis Bancorp completes $25.5 million subordinated notes offering
STBI•Coupon terms and redemption option
The notes pay 7% until Sept. 15, 2031, then reset to three-month term SOFR plus 286 basis points.
The redemption option begins Sept. 15, 2031, at par plus accrued interest on scheduled payment dates.
Use of proceeds and debt repayment
Proceeds are earmarked for general corporate purposes, including repayment of about $17.9 million of holding-company debt.
Subordinated notes offering completed
Sturgis Bancorp completed a $25.5 million private placement of 7% fixed-to-floating rate subordinated notes due Sept. 15, 2036.
