Manitowoc, Wis.-based County Bancorp Inc. closed a $30 million private placement of its fixed- to floating-rate subordinated notes due 2028.
The company intends to use the additional capital for general corporate purposes, including growth initiatives at its unit, Investors Community Bank.
The notes will initially bear an annual interest rate of 5.875%, payable semiannually in arrears, until June 1, 2023, after which the interest rate will equal three-month LIBOR plus 288.4 basis points, payable quarterly in arrears.
Sandler O'Neill & Partners LP served as the lead placement agent and Hovde Group LLC served as the co-placement agent for the offering.
