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Civista Bancshares, Inc. Completes Private Placement of $75 Million of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031
SANDUSKY, Ohio, Nov. 30, 2021 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) (the "Company") a financial holding company headquartered in Sandusky,
About this update from Civista Bancshares, Inc.
[{"type":"text","content":"SANDUSKY, Ohio, Nov. 30, 2021 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) (the \"Company\") a financial holding company headquartered in Sandusky, Ohio and the parent company of Civista Bank, today announced the completion of a private placement of $75 million in aggregate principal amount of its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the \"Notes\"). \n\n \n \n \n \n \n \n\n \nThe Notes will initially bear interest at a rate of 3.25% per annum from November 30, 2021, to December 1, 2026, with interest during this period payable semi-annually in arrears. From December 1, 2026, to the stated maturity date (December 1, 2031) or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the then-current benchmark rate, which will initially be the three-month Secured Overnight Financing Rate (SOFR) plus 219 basis points, with interest during such period payable quarterly in arrears. The Notes are redeemable by the Company, in whole or in part, on or after December 1, 2026, and at any time upon the occurrence of certain events. The Notes are not subject to redemption at the option of the holders. The Notes have been structured to qualify as Tier 2 capital of the Company for regulatory capital purposes.\nThe Company intends to use the net proceeds of the private placement offering for general corporate purposes, which may include organic growth, share repurchases and strategic initiatives, such as acquisitions.\nPiper Sandler & Co., Keefe, Bruyette & Woods, Inc., D. A. Davidson & Co., and Boenning & Scattergood, Inc. acted as placement agents for the Notes offering. Vorys, Sater, Seymour and Pease LLP served as legal counsel to the Company.\nThe Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws 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 shall not constitute an offer to sell, or the solicitation of an offer to buy, any security, nor shall there be any sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Notes, and the obligations of the Company a...