The Victory Bancorp, Inc. Announces Pricing and Closing of Private Placement of Subordinated Notes
The Victory Bancorp announced the pricing and closing of a $4.65 million private placement of fixed-to-floating rate subordinated notes. The notes will initially bear interest at 8.50% per annum until December 31, 2026, payable semi-annually. After that, the interest rate will reset quarterly based on the three-month SOFR plus a spread until maturity on December 31, 2029.
The proceeds will be used for general corporate purposes, including funding organic and strategic growth initiatives, enhancing balance sheet flexibility, and supporting bank regulatory capital ratios. The notes may be redeemed at the Company's option on any scheduled interest payment date after the second anniversary.
Victory Bancorp ha annunciato la determinazione del prezzo e la chiusura di un collocamento privato di 4,65 milioni di dollari di note subordinate a tasso fisso e variabile. Le note porteranno inizialmente un interesse del 8,50% annuo fino al 31 dicembre 2026, pagabile semestralmente. Dopo tale data, il tasso d'interesse sarà regolato trimestralmente in base al tasso SOFR a tre mesi più uno spread fino alla scadenza il 31 dicembre 2029.
I proventi saranno utilizzati per scopi aziendali generali, inclusi il finanziamento di iniziative di crescita organica e strategica, il miglioramento della flessibilità del bilancio e il supporto dei rapporti di capitale regolamentari della banca. Le note possono essere rimborsate a esclusiva discrezione della Società in qualsiasi data di pagamento degli interessi programmata dopo il secondo anniversario.
Victory Bancorp anunció el precio y el cierre de una de notas subordinadas con tasa fija a tasa variable. Las notas tendrán inicialmente un interés del 8,50% anual hasta el 31 de diciembre de 2026, pagadero semestralmente. Después de eso, la tasa de interés se reajustará trimestralmente según el SOFR a tres meses más un margen hasta el vencimiento el 31 de diciembre de 2029.
Los ingresos se utilizarán para fines corporativos generales, incluyendo la financiación de iniciativas de crecimiento orgánico y estratégico, mejorando la flexibilidad del balance y apoyando las relaciones de capital regulatorio del banco. Las notas pueden ser redimidas a opción de la Compañía en cualquier fecha programada de pago de intereses después del segundo aniversario.
빅토리 뱅코프는 465만 달러의 사모 배급에 대한 가격 책정 및 마감을 발표했습니다. 이 채권은 처음에 연 8.50%의 이자를 2026년 12월 31일까지 지불하며 반기마다 지급됩니다. 그 이후에는 3개월 SOFR에 스프레드를 더한 quarterly로 이자율이 조정되며, 만기일은 2029년 12월 31일입니다.
이 자금은 일반 기업 용도로 사용되며, 유기적 및 전략적 성장 이니셔티브에 대한 자금 조달, 재무 유동성 강화, 은행 규제 자본 비율 지원을 포함합니다. 이 채권은 두 번째 기념일 이후 모든 예정된 이자 지급일에 회사의 선택으로 상환될 수 있습니다.
Victory Bancorp a annoncé le prix et la clôture d'un placement privé de 4,65 millions de dollars d'obligations subordonnées à taux fixe et variable. Les obligations porteront initialement un intérêt de 8,50 % par an jusqu'au 31 décembre 2026, payable semestriellement. Après cela, le taux d'intérêt sera réajusté trimestriellement en fonction du SOFR à trois mois plus une marge jusqu'à l'échéance, le 31 décembre 2029.
Les produits seront utilisés à des fins générales de l'entreprise, y compris le financement d'initiatives de croissance organique et stratégique, l'amélioration de la flexibilité du bilan et le soutien aux ratios de capital réglementaire de la banque. Les obligations peuvent être remboursées à l'option de la Société à toute date de paiement d'intérêts programmée après le deuxième anniversaire.
Victory Bancorp gab die Festlegung des Preises und den Abschluss einer Private Placement über 4,65 Millionen Dollar für nachrangige Anleihen mit festem und variablem Zinssatz bekannt. Die Anleihen werden zunächst bis zum 31. Dezember 2026 einen Zinssatz von 8,50 % pro Jahr tragen, zahlbar halbjährlich. Danach wird der Zinssatz vierteljährlich basierend auf dem dreimonatigen SOFR plus einem Spread bis zur Fälligkeit am 31. Dezember 2029 angepasst.
Die Erlöse werden für allgemeine Unternehmenszwecke verwendet, einschließlich der Finanzierung organischer und strategischer Wachstumsinitiativen, der Verbesserung der Flexibilität der Bilanz und der Unterstützung der regulatorischen Kapitalquoten der Bank. Die Anleihen können nach dem zweiten Jahrestag an jedem festgelegten Zinszahlungstag nach Wahl des Unternehmens zurückgezahlt werden.
- Secured $4.65 million in additional capital without shareholder dilution
- Strengthens regulatory capital position
- Provides funding for growth initiatives and balance sheet flexibility
- 8.50% interest rate represents significant cost of capital
- Additional debt obligation on balance sheet
LIMERICK, Pa., Dec. 06, 2024 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, (together, the “Company”), today announced the pricing and closing of a private placement (the “Offering”) of
The Notes will initially bear interest at
Joseph W. Major, Bank Leader and Chief Executive Officer of the Company stated, “We are excited to announce the successful completion of our capital offering with attractive terms. This offering is a cost-effective, leverageable Tier 1 bank equity capital instrument that does not dilute the current shareholders.” Major further stated, “This capital is an important milestone so that Victory can continue to support the growth of our organization and strengthen our commitment to serving our local communities.”
Performance Trust Capital Partners served as placement agent in the Offering. Kilpatrick Townsend & Stockton LLP served as legal counsel to the Company. Pillar+Aught served as legal counsel to Performance Trust Capital Partners in the Offering.
About the Company
Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (https://www.otcmarkets.com/) and is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank headquartered in Limerick, Pennsylvania, which is located just outside the Philadelphia market in Montgomery County. The Victory Bank was established in 2008 as a specialized business lender that provides high-quality banking services to small and mid-sized businesses and professionals through its three offices located in Montgomery and Berks Counties, Pennsylvania. Additional information about Victory Bancorp is available on its website, VictoryBank.com.
No Offer or Solicitation
This press release does not constitute an offer to sell, a solicitation of an offer to sell or the solicitation of an offer to buy any securities. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward Looking Statements
This press release may contain forward-looking statements (within the meaning of Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
Contact:
Joseph W. Major,
Chairman and Chief Executive Officer
Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer
The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468
FAQ
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