FIG Partners Has Now Completed 18 Subordinated Debt Capital Raises Since 2015
Totaling More Than $450 Million
ATLANTA, August 12, 2016 — First Reliance Bancshares, Inc. (OTC: FSRL), the holding company for First Reliance Bank, announced that it placed $5 million in subordinated notes on August 5, 2016.
The proceeds from this transaction enabled First Reliance Bancshares to redeem its final remaining fixed-rate cumulative perpetual preferred shares, originally issued under the U.S. Department of the Treasury’s Troubled Asset Relief Program Capital Purchase Program (TARP).
The redemption price was $1,000 per share, plus accrued and unpaid dividends. The total aggregate redemption price of the TARP-related Series A Preferred Stock and Series B Preferred Stock redeemed in this transaction was $5,116,000, plus accrued and unpaid dividends.
FIG Partners served as sole placement agent to First Reliance Bancshares, Inc. The FIG team included John Schramm, Principal, Investment Banking; Lozan Aleksandrov, Vice President, Investment Banking and Deputy Head of Capital Markets; and Nick Bach, First Vice President, Corporate Development.
“We are pleased to be in a position to replace the securities originally issued to the U.S. Treasury under the TARP Capital Purchase Program with lower cost financing alternatives,” said Rick Saunders, President and CEO of First Reliance Bancshares, Inc.
More information from First Reliance Bancshares, Inc. is available here.
To learn more about FIG Partners, visit www.figpartners.com.