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South Dakota Bancshares issues $30M of fixed- to floating-rate notes

South Dakota Bancshares Inc. on Oct. 22 issued $30.0 million of 10-year fixed- to floating-rate subordinated notes.

The notes will initially bear annual interest of 5.75% through Oct. 22, 2024, and then will bear interest at a quarterly floating rate equal to the three-month London interbank offered rate plus 419 basis points.

The Pierre, S.D.-based community bank intends to use net proceeds for general corporate purposes, including refinancing debt, strengthening capital ratios and improving capital structure flexibility to support unit BankWest Inc.'s growth.

Performance Trust Capital Partners was the sole placement agent of the offering.