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Nebraska Bankshares completes subordinated notes issuance

Farnam, Neb.-based Nebraska Bankshares Inc. completed its issuance of $3.0 million in 10-year fixed-to-floating rate subordinated notes.

The notes will initially bear interest at 6.625% per annum through Oct. 2, 2024, and will thereafter pay a quarterly floating rate equal to three-month Libor plus 512 basis points.

The company plans to use the net proceeds to pay off existing debt and for general corporate purposes, which include strengthening capital ratios and improving capital structure flexibility to support First State Bank's growth.

Performance Trust Capital Partners served as the sole placement agent in connection with the issuance.