Community Heritage Financial Inc. has completed the offering of $15 million aggregate principal amount of 5.75% fixed- to floating-rate subordinated notes due 2029.
The company intends to use the net proceeds for general corporate purposes. The notes have been structured to qualify as Tier 2 capital for the company for regulatory capital purposes.
Boenning & Scattergood Inc. was the sole placement agent for the offering. Baker Donelson Bearman Caldwell & Berkowitz was legal counsel to the company and Goodwin Procter LLP was legal counsel to the placement agent.