Denver-basedGuaranty Bancorp is launchingan offering of $35 million in fixed-to-floating rate subordinated debt.

Prospectus materialsindicated that the notes would mature in 2026, with fixed interest paid semiannuallyuntil 2021 and a floating interest rate being paid quarterly until maturity. Thecompany would be able to redeem the notes after five years or on any interest paymentdate after that. The securities are expected to qualify as Tier 2 capital.

The companyintends to use proceeds from the offering to finance the cash consideration of itspending acquisitionof Loveland, Colo.-based Home StateBancorp, and for general corporate purposes.

Keefe Bruyette& Woods serves as sole book-running manager in the offering.