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Presidio Bank completes USD10m private placement of subordinated debt

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Presidio Bank has completed a private placement of USD10 million in aggregate principal amount of subordinated notes to certain accredited investors.

The subordinated notes bear a fixed interest rate of eight per cent per annum, payable quarterly, and mature on 30 September, 2024.
 
The bank estimates that the net proceeds from the sale of the notes will be approximately USD9.5 million, and the notes are expected to qualify as Tier 2 capital for regulatory purposes. The bank intends to use the net proceeds from this offering to support continued organic growth.
 
“We are pleased to announce the completion of this capital raise,” says Presidio Bank president and CEO, Steve Heitel. “Presidio Bank is proud to successfully access the subordinated debt market and we plan to use this additional capital to continue to execute our growth strategy in the San Francisco Bay Area.”
 
Sandler O’Neill & Partners served as the sole placement agent for Presidio Bank and Manatt, Phelps & Phillips served as legal counsel in the transaction.

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