October 14, 2021
Bankers’ Bank acts as Placement Agent on subordinated debt offering for Schaumburg Bancshares, Inc.
Bankers’ Bank, a leading correspondent bank for community banks in the Midwest, is excited to announce Schaumburg, Illinois based Schaumburg Bancshares, Inc., the holding company for Heritage Bank of Schaumburg, successfully completed their $3 million subordinated debt offering on September 24, 2021. Bankers’ Bank acted as the exclusive Placement Agent for this offering. Schiff Hardin LLP of Chicago, IL produced the legal documentation associated with this issue.
The ten year notes pay a fixed rate of interest of 4.25% for the first seven years, then pay a floating rate of three-month SOFR plus a spread of 325 basis points.
Schaumburg Bancshares plans to use the net proceeds from this offering to pay off existing debt and for other 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 located in Wisconsin, Illinois, Iowa, Indiana, Ohio, Michigan 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.