Aspen, Colo.-based Timberline Bancorp. on Dec. 17 completed the issuance of $4.5 million in fixed- to floating-rate subordinated notes due December 2029.
The notes will initially bear interest annually at 6.125% through Dec. 17, 2024, and thereafter pay a quarterly floating rate equal to the three-month London interbank offered rate plus 448 basis points.
The company plans to use the net proceeds for general corporate purposes, including possible M&A opportunities, strengthening its capital ratios and improving its capital structure flexibility to support unit Timberline Bank's growth.
Performance Trust Capital Partners served as the sole placement agent for the issuance.