Towerbank International Inc. plans to offer 180-day negotiable bonds worth up to $5.0 million, according to a filing.
The series AM bonds will be issued March 21 at an annual interest rate of 3.25%, payable on a monthly basis, the Panama-based bank said.
Proceeds from the offering, which is part of the company's negotiable bonds program for up to $50.0 million, will be used to expand Towerbank's credit portfolio.
