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FVCBankcorp, Inc. Announces Completion of $20 Million Subordinated Notes Offering
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today announced the completion of its private placement of $20 million of its
About this update from Fvcbankcorp, Inc.
[{"type":"text","content":" FAIRFAX, Va.--(BUSINESS WIRE)--\nFVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today announced the completion of its private placement of $20 million of its 4.875% Fixed to Floating Rate Subordinated Notes due 2030 (the “Notes”) to certain qualified institutional buyers and accredited investors.\n\n“We are extremely pleased with the success of this transaction,” said David W. Pijor, Chairman and CEO of the Company. “This offering was oversubscribed which demonstrates the confidence our investors have in our continued success. The additional capital this provides allows us to be supportive of the communities we serve through continued organic and strategic growth of the Company.”\n\nThe Notes have a maturity date of October 15, 2030 and carry a fixed rate of interest of 4.875% for the first five years. Thereafter, the Notes will pay interest at 3-month SOFR plus 471 basis points, resetting quarterly. The Notes include a right of prepayment without penalty on or after October 15, 2025. The Notes have been structured to qualify as Tier 2 capital for regulatory purposes.\n\nThe Company plans to use the proceeds from the placement of the Notes for general corporate purposes, to include supporting capital ratios at the Company’s subsidiary, FVCbank, and potential repayment of a portion or all of the $25.0 million outstanding subordinated debt callable June 30, 2021.\n\nPiper Sandler & Co. served as the sole placement agent for the offering. Williams Mullen served as legal counsel to the Company and Troutman Pepper Hamilton Sanders LLP served as legal counsel to the placement agent.\n\nThis 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 by 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 have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.\n\nAbout FVCBankcorp, Inc.\n\nFVCBankcorp, Inc. is the holdi...