Bankers’ Bank acts as Placement Agent on subordinated debt offering for Decorah Security Agency
January 3, 2023
Madison, WI – Bankers’ Bank, a leading correspondent bank for community banks in the Midwest is excited to announce Decorah, Iowa-based Security Agency, Inc., the holding company for Decorah Bank and Trust, successfully completed their $10 million subordinated debt offering on December 20, 2022. Bankers’ Bank acted as the exclusive Placement Agent for this offering. Godfrey and Kahn, Milwaukee, Wisconsin produced the legal documentation associated with this issue.
The ten year notes pay a fixed rate of interest of 6.50% for the first five years, then pay a floating rate of three-month SOFR plus a spread of 245 basis points adjusted quarterly.
Security Agency plans to use the net proceeds from this offering for general corporate purposes.
About Bankers’ Bank – Bankers’ Bank, is a bank-owned correspondent based in Madison, Wisconsin, since 1981. Bankers’ Bank is the Midwest’s leading provider of banking services to community banks in Wisconsin, Illinois, Indiana, Iowa, 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 www.BankersBank.com.