trending Market Intelligence /marketintelligence/en/news-insights/trending/4EE5hp2ZKWt7mThQgF_Jog2 content esgSubNav
In This List

Southern National Bancorp of Virginia completes $27M note offering

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

Blog

Investment Banking Essentials Newsletter April Edition - 2022

Blog

Banking Essentials Newsletter April Edition - 2022


Southern National Bancorp of Virginia completes $27M note offering

McLean, Va.-based Southern National Bancorp of Virginia Inc. completed an offering of $27 million of fixed-to-floating rate subordinated notes due 2027.

These notes will initially bear interest at 5.875% per year until Jan. 31, 2022, and after that, the notes will be payable at an annual floating rate equal to three-month LIBOR plus a spread of 3.95% until maturity or early redemption.

Net proceeds will be used for general corporate purposes, including providing capital to its unit, Sonabank, to support growth.