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Assabet Valley Bancorp closes $25.0M private debt offering

Hudson, Mass.-based Assabet Valley Bancorp — the no-stock mutual holding company for Avidia Bank on July 31 completed its private placement of $25.0 million in fixed-to-floating rate subordinated notes due 2027.

The notes bear a fixed rate of 5.50% for the first five years and will reset quarterly thereafter to the then current three-month LIBOR rate plus 360 basis points.

Assabet Valley Bancorp plans to use the net proceeds from the offering to support capital levels and further growth, and for general corporate purposes.

Sandler O'Neill & Partners LP served as the sole placement agent for the offering.