Plant City, Fla.-based SunshineBancorp Inc., the parent company of Sunshine Bank, issued $11 million of subordinated notes toselected accredited investors, according to a March 30 news release.
George Parmer, a director of Sunshine Bancorp, purchased $7 millionin principal amount of the notes, through a corporation owned and controlled byhim.
The notes, which will mature April 1, 2021, carry a fixed interestrate of 5.0% per year, due on the 15th of January, April, July and October eachyear.
Furthermore, the company, subject to any required regulatoryapprovals, has the option to prepay the notes at any time. Sunshine Bancorp intendsto contribute most of the net proceeds to the bank, for its continued growth, includingongoing lending activities.