Ohio-based Sutton Bancshares completes debt offering

Attica, Ohio-based Sutton Bancshares Inc. completed the issuance of $15.0 million in 10-year fixed-to-floating rate subordinated notes, according to a report sent to S&P Global Market Intelligence by Performance Trust Capital Partners, which served as the sole placement agent.

The notes will initially bear interest at 4.00% per annum through Dec. 31, 2025, and thereafter pay a quarterly floating rate equal to 90-day average secured overnight financial rate plus 374 basis points.

The company intends to use the funds for general corporate purposes, including contribution of capital to its banking unit, to support organic growth and maintenance of bank level capital ratios.