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First Commerce Bancorp, Inc. Announces Completion of $40.0 Million Subordinated Note Offering
First Commerce Bancorp, Inc. Announces Completion of $40.0 Million Subordinated Note Offering.
About this update from First Commerce Bancorp Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n First Commerce Bancorp, Inc. Announces Completion of $40.0 Million Subordinated Note Offering\r\n \r\n \r\n\r\n\r\nFirst Commerce Bancorp, Inc. Announces Completion of $40.0 Million Subordinated Note Offering\r\n\r\n\r\n\r\n\r\n\r\nLAKEWOOD, N.J., Dec. 31, 2025 (GLOBE NEWSWIRE) -- First Commerce Bancorp, Inc. (the “Company”), (OTC: CMRB), the holding company for First Commerce Bank (the “Bank”), today announced the completion of a private placement of a $40.0 million 7.75% Fixed-to-Floating Rate Subordinated Note due December 30, 2035 (the “Note”). The Note will initially bear interest at a fixed annual rate of 7.75%, payable semi-annually in arrears, until December 30, 2030, and will reset quarterly thereafter to the then current three-month SOFR rate plus 432 basis points, payable quarterly in arrears. Beginning on December 30, 2030, the Note may be redeemed, in whole or in part, at the Company’s option subject to any required regulatory approval, on any scheduled interest payment date. Prior to December 30, 2030, the Note may be redeemed, in whole but not in part, at any time upon certain specified events.  The Note is intended to qualify as Tier 2 capital for the Company for regulatory capital purposes. The Company intends to use the net proceeds from the offering for general corporate purposes.  President & CEO Donald Mindiak commented, “We are pleased to announce the successful completion of our subordinated debt offering, which received participation from a wide array of financial institution investors. The portion of the proceeds we downstream to our Bank is leverageable, Tier 1 capital, which will be important in both supporting the growth that we strategically envision for our organization and optimizing our balance sheet in an effort to create the opportunity for a more sustainable earnings stream.” Mr. Mindiak continued, “We believe this transaction provides cost-effective capital that provides optionality to enhance our capital allocation strategies and will enable us to remain the heartbeat of the communities we serve.” Performance Trust Capital Partners, LLC, served as financial advisor and placement agent in the offering. Luse Gorman, PC served as legal counsel to the Company and Stevens & Lee served ...