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.
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