County Bancorp, Inc. Announces Completion of $17.4 Million Subordinated Notes Offering
June 30 2020 - 5:25PM
County Bancorp, Inc. (NASDAQ: ICBK), the parent company for
Investors Community Bank (collectively “the Company”), today
announced the completion of 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 Notes will initially bear
interest at a fixed annual rate of 7.000%, for five years and will
reset quarterly thereafter to the then current three-month 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. The Company
intends to use the net proceeds of the offering for general
corporate purposes.
“This successful capital raise reinforces County Bancorp’s value
proposition and allows us to take advantage of additional market
opportunities for our customers and communities,” said Tim
Schneider, CEO of Investors Community Bank. “As part of our
balanced capital allocation approach, we continue to monitor
additional pathways to enhance shareholder value. We are pleased
with the attractive pricing in the fixed income markets and the
ability to strengthen our capital structure as we continue to
execute against our short- and long-term strategic priorities.”
Piper Sandler & Co. acted as lead placement agent and
Stephens Inc. acted as co-placement agent for the offering. Barack
Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel
to County Bancorp and Vedder Price PC served as legal counsel to
the placement agents.
About County Bancorp,
Inc.
County Bancorp, Inc., a Wisconsin corporation and registered
bank holding company founded in May 1996, and our wholly-owned
subsidiary Investors Community Bank, a Wisconsin-chartered bank,
are headquartered in Manitowoc, Wisconsin. The state of
Wisconsin is often referred to as “America’s Dairyland,” and one of
the niches we have developed is providing financial services to
agricultural businesses statewide, with a primary focus on
dairy-related lending. We also serve business and retail
customers throughout Wisconsin, with a focus on northeastern and
central Wisconsin. Our customers are served from our
full-service locations in Manitowoc, Appleton, Green Bay, and
Stevens Point and our loan production offices in Darlington, Eau
Claire, Fond du Lac and Sheboygan. Visit our Investor Relations
site for details: Investors.ICBK.com.
Forward-Looking Statements
This press release includes "forward-looking
statements” within the meaning of such term in the Private
Securities Litigation Reform Act of
1995. Forward-looking statements are subject to known
and unknown risks and uncertainties, many of which may be beyond
the Company’s control. The Company cautions you that the
forward-looking statements presented in this press release are not
a guarantee of future events, and that actual events may differ
materially from those made in or suggested by the forward-looking
information contained in this press
release. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"plan," "seek," "will," "expect," "intend," "estimate,"
"anticipate," "believe" or "continue" or the negative thereof or
variations thereon or similar terminology. Factors that may cause
actual results to differ materially from those made or suggested by
the forward-looking statements contained in this press release
include those identified in the Company’s most recent annual
report on Form 10-K and subsequent filings with the Securities and
Exchange Commission. Any forward-looking statements
presented herein are made only as of the date of this press
release, and the Company does not undertake any
obligation to update or revise any forward-looking statements to
reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
Investor Relations ContactGlen L. StiteleyChief
Financial Officer and TreasurerPhone: (920) 686-5658 Email:
gstiteley@icbk.com
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