Salisbury Bancorp, Inc. Announces Redemption of 2015 Subordinated Notes
Salisbury Bancorp, Inc. (NASDAQ: SAL) announced plans to redeem all 2015 Subordinated Notes, maturing December 15, 2025, on May 28, 2021. This decision, communicated to all noteholders, will utilize funds from a previous subordinated debt private placement completed on March 31, 2021. The redemption price is set at 100% of the principal amount plus accrued interest, which will cease after the redemption date. The company emphasizes that forward-looking statements are subject to risks and uncertainties that could affect actual outcomes.
- Redemption of 2015 Subordinated Notes indicates financial health and proactive debt management.
- Funding for the redemption sourced from a private placement suggests effective capital raising.
- None.
LAKEVILLE, Conn., April 23, 2021 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced its intent to redeem all of its Subordinated Debt Securities issued by Salisbury on December 15, 2015 and due December 15, 2025 (the “2015 Subordinated Notes”) and sent notice thereof to all holders of the 2015 Subordinated Notes. The redemption date for the Subordinated Notes is May 28, 2021 (the “Redemption Date”). Salisbury expects to fund the redemption with a portion of the proceeds from its March 31, 2021 private placement of subordinated debt.
The redemption price for each of the Subordinated Notes will equal
Forward-Looking Statements
This news release may contain statements relating to Salisbury’s and the Bank’s future results that are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.
Source: Salisbury Bancorp, Inc.
Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 or rcantele@salisburybank.com
FAQ
What is Salisbury Bancorp's plan for the 2015 Subordinated Notes?
When is the redemption date for Salisbury Bancorp's subordinated debt?
How will Salisbury Bancorp fund the redemption of the subordinated notes?
What is the redemption price for the 2015 Subordinated Notes?
What happens to the interest on the 2015 Subordinated Notes after the redemption date?
