SUFFOLK, Va., Feb. 09, 2022 (GLOBE NEWSWIRE) — TowneBank (Nasdaq: TOWN) announced today the completion of its public offering and sale of $250 million of its 3.125% fixed-to-floating rate subordinated notes due 2032. The Notes were sold at par, resulting in net proceeds, after discounts and estimated offering expenses, of approximately $247 million.
TowneBank intends to use the net proceeds of this offering for general corporate purposes, which may include, among other things, redeeming TowneBank’s 4.5% fixed-to-floating rate subordinated notes due 2027 after they become callable on July 30, 2022, financing organic growth or strategic acquisitions, repurchases of shares of its common stock, supporting regulatory capital levels, and ongoing working capital needs.
Piper Sandler & Co. acted as sole book-running manager for the offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes in the offering, nor shall there be any sale of the Notes in the offering in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction.
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a mission of serving others and enriching lives. Dedicated to a culture of caring, TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, TowneBank operates over 40 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. TowneBank offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $16.36 billion as of December 31, 2021, TowneBank is one of the largest banks headquartered in Virginia.
