Financing ·
LCNB Corp. closed a private placement of $25,000,000 in aggregate principal amount of 6.50% Fixed-to-Floating Rate…
LCNBLcnb Corp
LCNB Corp. closed a private placement of $25,000,000 in aggregate principal amount of 6.50% Fixed-to-Floating Rate Subordinated Notes due August 15, 2036. The notes bear interest at a fixed annual rate of 6.50%, payable semi-annually, until August 15, 2031, when the rate resets quarterly to three-month SOFR plus 234 basis points. LCNB intends to use approximately $8,800,000 of the net proceeds to repay existing long-term debt, with the remainder supporting general corporate purposes and growth at its banking subsidiary. The notes qualify as Tier 2 regulatory capital and are callable after August 15, 2031. LCNB Corp. operates in the financial services industry as a bank holding company providing commercial and retail banking services through its subsidiary, LCNB National Bank.