January 14, 2022
Bankers’ Bank acts as Placement Agent on subordinated debt offering for Fidelity Company
Madison, WI – Bankers’ Bank, a leading correspondent bank for community banks is excited to announce the successful placement of a $15 million subordinated debt offering on December 28, 2021 for Fidelity Company, the holding company for Fidelity Bank & Trust based in Dubuque, Iowa,. 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 3.50% for the first five years, then pay a floating rate of three-month Secured Overnight Financing Rate (SOFR) plus a spread of 275 basis points.
Fidelity Company plans to use the net proceeds from this offering to finance a bank acquisition, refinance existing debt, and other 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 and recently expanded into Michigan and Ohio serving the six-state region and beyond. As an independent source of non-competing financial services, the Bank serves a market of over 1,200 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.