Bankers’ Bank acts as Placement Agent on subordinated debt offering for First State Bancorporation, Inc.
Madison, WI – Bankers’ Bank, a leading correspondent bank for community banks located in Wisconsin, Illinois, Iowa and Indiana, is excited to announce Peoria, Illinois First State Bancorporation, Inc., the holding company for Fortress Bank, completed their $15 million subordinated debt offering on October 23, 2020. Bankers’ Bank assisted on the placement of the debentures as a placement agent. Barack Ferrazzano of Chicago, Illinois produced the legal documentation associated with this debt offering.
The ten year notes paid a fixed rate of interest of 5.50% for the first five years and then paid a floating rate of three-month SOFR plus a spread of 541 basis points.
First State Bancorporation plans to use the net proceeds from this offering for general corporate purposes.
About Bankers’ Bank – Bankers’ Bank, a bank-owned correspondent based in Madison, Wisconsin, since 1981. Bankers’ Bank is the Midwest’s leading provider of banking services to community banks, with offices in the Madison, Chicago, Des Moines, and Indianapolis areas serving the four-state region and beyond. As an independent source of non-competing financial services, the Bank serves a market of over 700 financial institutions. The Bank does not serve the public so it never competes with client banks for business. More information is available on our website at BankersBank.com.