Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Oregon Pacific Bancorp Completes Private Placement of $15 million in Subordinated Notes

Oregon Pacific Bancorp (OTCM: ORPB), the holding company for Oregon Pacific Bank, is pleased to announce the completion of a private placement of $15 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”) to certain qualified institutional buyers and accredited investors.

The Notes will initially bear interest at 3.375% per annum payable semi-annually until September 30, 2026, and thereafter pay a quarterly floating interest rate based on the then current Three-Month Term Secured Overnight Financing Rate (SOFR) plus 266 basis points, payable quarterly in arrears. Beginning on September 30, 2026, the Notes may be redeemed, in whole or in part, at the Company’s option. The Notes will mature on September 30, 2031.

The Notes are structured to qualify as Tier 2 capital instruments for regulatory capital purposes. Oregon Pacific Bancorp President and CEO, Ron Green stated, “We are very pleased to have successfully completed this subordinated debt issuance at favorable pricing. We anticipate that the majority of the net proceeds of the private placement will be distributed to Oregon Pacific Bank and will be used for strategic opportunities that should create long-term value for our clients, shareholders and staff, [in addition to general corporate purposes].” Performance Trust Capital Partners served as sole placement agent. Pillsbury Winthrop Shaw Pittman LLP and White Summers Caffee & James, LLP, served as legal counsel to the Company, and Keller Rohrback, LLP, served as legal counsel for the placement agent.

Oregon Pacific Bancorp, headquartered in Florence, Oregon, is the bank holding company parent of Oregon Pacific Bank, which provides small business, commercial real estate and nonprofit banking services and trust administration, as well as financial planning and investment services through its wholly owned subsidiary, Oregon Pacific Wealth Management, LLC. Oregon Pacific Bank operates five full-service offices and serves Lane, Coos, Douglas and Jackson counties in Oregon.

Forward-Looking Statement Safe Harbor

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “estimates,” “intends,” “plans,” “goals,” “believes” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could.” The forward-looking statements made represent Oregon Pacific Bancorp’s current estimates, projections, expectations, plans or forecasts of its future results and revenues, including but not limited to statements about performance, loan or deposit growth, loan prepayments, investment purchases, strategic focus or opportunities, capital position, liquidity, credit quality, special asset liquidation, noninterest expense and credit quality trends. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Oregon Pacific Bancorp’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks. Oregon Pacific Bancorp undertakes no obligation to publicly revise or update any forward-looking statement to reflect the impact of events or circumstances that arise after the date of this release. This statement is included for the express purpose of invoking the PSLRA’s safe harbor provisions

Contacts

Editorial Contact:

Ron Green, President & Chief Executive Officer

ron.green@opbc.com │ (541) 902-9800

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.