This press release serves as a correction to a previous press release published on June 17, 2021, in which the floating rate was incorrectly listed.
COEUR D'ALENE, ID / ACCESSWIRE / June 18, 2021 / Coeur d'Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, today announced the completion of its private placement of $5 million of ten year fixed-to-floating rate subordinated notes due in 2031. The notes bear a fixed rate of 4.5% for the first five years payable semi-annually in arears. Upon conversion to a floating rate the interest rate will adjust quarterly to three month SOFR plus 389 basis points for the remaining five years. In the event three month SOFR is less than zero it will be deemed to be zero. The company may redeem the Notes in whole or in part, on any interest payment date on or after June 17, 2026.
The company intends to use the proceeds from the offering for general corporate purposes. "We have experienced exceptional growth over the past twenty four months and this additional capital will allow us to continue to grow and meet the needs of the communities we serve. The addition of capital will also allow us to increase our legal lending limit by $850 thousand allowing us to make loans to a single borrow of $4.9 million," Said Wes Veach Chief Executive Officer.
Coeur d'Alene Bancorp, parent company of bankcda, is headquartered in Coeur d'Alene, Idaho with branches in Coeur d'Alene, Hayden, Post Falls, and Kellogg.
For more information, visit www.bankcda.com or contact Wes Veach at 208-415-5006.
SOURCE: Coeur D Alene Bancorp