FIG Has Now Raised More Than $790 Million In Debt Capital In 32 Offerings
ATLANTA, November 27, 2018 — GrandSouth Bancorporation (OTCQX:GRRB), the holding company for GrandSouth Bank, has completed a $10 million private placement sale of 6.50% fixed-to-floating rate subordinated notes. The notes mature on November 30, 2028, unless prepaid earlier.
The notes qualify as Tier 2 capital for regulatory purposes. The portion that GrandSouth Bancorporation contributes to the Bank will qualify as Tier 1 capital for the Bank.
Mason Y. Garrett, Chief Executive Officer, said, “We are excited about this issuance, which is intended to support our anticipated strong pace of quality asset growth. We are pleased to enter the new year in a position to continue our expansion in South Carolina.”
The FIG team included Eric Lawless, Principal and Head of Corporate Development; Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Lozan Aleksandrov, Senior Vice President and Deputy Head of Capital Markets; and Matthew Hobert, Vice President.
More information is available here.
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