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The Victory Bancorp completes subordinated notes private placement.

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M2 EQUITYBITES-June 30, 2020--The Victory Bancorp completes subordinated notes private placement

(C)2020 M2 COMMUNICATIONS http://www.m2.com

Global Banking News - 30 June 2020

Victory Bancorp Inc. (OTC: VTYB), the holding company for The Victory Bank, has said that it has completed the private placement of USD10m worth of fixed-to-floating rate subordinated notes due June 30, 2030 to institutional accredited investors.

The net proceeds from this placement will be used for retirement of existing debt, to support organic growth, and for general corporate purposes.

The notes will bear interest at a fixed rate of 6.25 percent per annum until June 30, 2025. The notes will mature on June 30, 2030. For the remainder of the term, the notes will bear interest at a rate equal to 3-month Secured Overnight Financing Rate (SOFR) plus 613 basis points. The subordinated notes...

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