Skip to main content

County Bancorp, Inc. Announces Completion of $17.4 Million Subordinated Notes Offering

Written by Customer Service on . Posted in Public Companies.

MANITOWOC, Wis., June 30, 2020 (GLOBE NEWSWIRE) — County Bancorp, Inc. (NASDAQ: ICBK), the parent company for Investors Community Bank (collectively “the Company”), today announced the completion of its offering of $17.4 million in fixed-to-floating rate subordinated notes due 2030 (the “Notes”) to certain qualified institutional buyers and accredited investors in a private placement transaction. The Notes will initially bear interest at a fixed annual rate of 7.000%, for five years and will reset quarterly thereafter to the then current three-month SOFR plus 687.5 basis points. The Company may redeem the Notes on or after June 30, 2025, or at any time upon certain other specified events. The Notes have been structured to qualify initially as Tier 2 Capital for the Company for regulatory purposes. The Company intends to use the net proceeds of the offering for general corporate purposes.
“This successful capital raise reinforces County Bancorp’s value proposition and allows us to take advantage of additional market opportunities for our customers and communities,” said Tim Schneider, CEO of Investors Community Bank. “As part of our balanced capital allocation approach, we continue to monitor additional pathways to enhance shareholder value. We are pleased with the attractive pricing in the fixed income markets and the ability to strengthen our capital structure as we continue to execute against our short- and long-term strategic priorities.”Piper Sandler & Co. acted as lead placement agent and Stephens Inc. acted as co-placement agent for the offering. Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to County Bancorp and Vedder Price PC served as legal counsel to the placement agents.About County Bancorp, Inc.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.