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Illinois-based Bradford Bancorp issues $8M of fixed- to floating-rate notes

Bradford Bancorp Inc. on Oct. 22 issued $8.0 million of 15-year fixed- to floating-rate subordinated notes.

The notes will bear annual interest equal to 5.50% through Oct. 22, 2029, and then change to a quarterly floating rate equal to the three-month secured overnight financing rate plus 382 basis points.

The Greenville, Ill.-based community bank plans to use net proceeds for general corporate purposes, including making acquisitions, strengthening capital ratios and improving capital structure flexibility to support unit Bradford National Bank of Greenville's growth.

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