News: Bankers’ Bank acts as Placement Agent on subordinated debt offering for Carroll County Bancshares, Inc.
Madison, WI – Bankers’ Bank, a leading correspondent bank for community banks in Wisconsin, Iowa, Illinois and Indiana, is excited to announce Carroll, Iowa based Carroll County Bancshares, Inc., the holding company for Availa Bank, successfully completed their $20 million subordinated debt offering on July 28, 2021. Bankers’ Bank acted as the exclusive Placement Agent for this offering. Dickinson, Mackaman, Tyler & Hagen, P.C. of Des Moines, IA produced the legal documentation associated with this issue.
The ten year notes pay a fixed rate of interest of 3.75% for the first five years, then pay a floating rate of three-month SOFR plus a spread of 275 basis points.
Carroll County Bancorporation plans to use the net proceeds from this offering for general corporate purposes which may include providing additional capital to the bank to support capital ratios and facilitate future growth.
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 Wisconsin, Illinois, Iowa, Indiana, Ohio and Michigan serving the six-state region and beyond. As an independent source of non-competing financial services, the Bank serves a market of over 600 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.