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Jonesboro Bancshares issues subordinated notes due 2029, 2034

Jonesboro Bancshares Inc. completed the issuance of $3.5 million in 10-year fixed-to-floating rate subordinated notes and $10.4 million in 15-year fixed-to-floating rate subordinated notes on Dec. 31, 2019.

The 10-year notes will initially bear interest at 5.25% each year through Dec. 31, 2024, and thereafter pay a quarterly floating rate equal to the three-month secured overnight financing rate plus 351 basis points. The 15-year notes will initially bear interest at 6.125% per annum through Dec. 31, 2024, and thereafter pay a quarterly floating rate equal to the three-month Sofr plus 438 basis points.

Net proceeds will be used to support the growth opportunities of the Jonesboro, La.-based company and its unit, Jonesboro State Bank, including possible acquisitions and repurchases of common stock as well as for general corporate purposes.

Performance Trust Capital Partners LLC was the sole placement agent for the offering.