ATLANTA, Dec. 18, 2015 — Two River Bancorp (NASDAQ: TRCB), the parent company of Two River Community Bank, has announced the placement of $10 million in subordinated notes.
The Company also announced the repayment of its remaining $6 million Series C preferred stock that was issued to the U.S. Treasury in connection with its participation in the Small Business Lending Fund Program (SBLF).
The notes were issued on December 15, 2015 and qualify as Tier 2 capital. The New Jersey-based company said the remaining proceeds will be used for general corporate purposes and to support future growth.
William D. Moss, President and CEO, said, “We are pleased to announce the successful completion of our subordinated debt placement, as a form of low-cost regulatory capital. This transaction is in line with our long-term capital management strategy of exiting SBLF in a deliberate and timely manner, and without any dilution to our shareholder base or detriment to our growth plans. The Company remains committed to increasing shareholder value, and we believe that the repayment of our outstanding SBLF debt is an important step in our strategic plan.”
FIG Partners served as Sole Placement Agent to Two River Bancorp. The FIG Partners team included Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Dan Flaherty, Vice President, Investment Banking; Ricardo Diaz, Senior Vice President, Head of Fixed Income and Debt Capital Markets; and Sean McGlynn, Senior Vice President, Fixed Income.
More information from Two River Bancorp is available here.
To learn more about FIG Partners, visit www.figpartners.com.