Northrim BanCorp, Inc. announced the completion of a private placement of $60.0 million in subordinated notes.
The Notes bear interest at a fixed annual rate for the first five years and will reset quarterly thereafter.
Proceeds will be used for general corporate purposes and to support regulatory capital ratios for growth initiatives.
6.875% Fixed-to-Floating Rate Subordinated Notes
The Notes have a fixed annual rate of 6.875% for the first five years and will reset quarterly to the current three-month SOFR rate plus 348 basis points.
Use of Proceeds
Net proceeds from the private placement will be used for general corporate purposes and to support regulatory capital ratios for growth initiatives.
Placement Agents
Keefe, Bruyette & Woods and Hovde Group, LLC served as lead and co-placement agents respectively for the offering.
- The Notes are intended to qualify as Tier 2 capital for regulatory purposes, enhancing the Company's financial flexibility and stability.
- The successful completion of the offering indicates investor confidence in Northrim BanCorp, Inc.'s financial strength and growth prospects.
Northrim BanCorp, Inc. has successfully raised $60.0 million through the subordinated notes offering, reinforcing its financial position and supporting future growth initiatives.