Overview
The Barack Ferrazzano Financial Institutions Group acted as legal counsel to County Bancorp, Inc. (the “Company”; Nasdaq: ICBK), the parent company of Investors Community Bank, in its offering of $17.4 million in Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”) to certain qualified institutional buyers and accredited investors in a private placement transaction. The Company plans to use the net proceeds of the offering for general corporate purposes.
Initially, the Notes will bear interest at a fixed annual rate of 7.0% for five years and will reset quarterly thereafter to the then current three-month term SOFR plus 687.5 basis points. The Company may redeem the Notes on or after June 30, 2025, or at any time upon certain other specified events. The Notes have been structured to qualify initially as Tier 2 Capital for the Company for regulatory purposes. According to Investors Community Bank CEO Tim Schneider, the capital raise will allow the Company “to take advantage of additional market opportunities for our customers and communities.”
Barack Ferrazzano’s team was led by Robert M. Fleetwood and Emily N. Henkel.
To learn to more, visit:
- https://www.globenewswire.com/news-release/2020/06/30/2055876/0/en/County-Bancorp-Inc-Announces-Completion-of-17-4-Million-Subordinated-Notes-Offering.html
- https://www.globallegalchronicle.com/county-bancorps-17-4-million-subordinated-notes-offering/
About County Bancorp, Inc.
County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and its wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, are headquartered in Manitowoc, Wisconsin. The Company serves business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin. Their customers can find bank locations in Manitowoc, Appleton, Green Bay, and Stevens Point and loan production offices in Darlington, Eau Claire, Fond du Lac and Sheboygan.
To learn more, visit: http://investors.icbk.com/