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FNBC Bancorp completes private placement of $7.3M of notes

Ash Flat, Ark.-based FNBC Bancorp Inc. completed the private placement of $7.3 million in 10-year fixed- to floating-rate subordinated notes due 2029.

The notes are noncallable for five years and will mature Aug. 30, 2029. The notes bear a fixed interest rate of 5.75% per year, from and including Aug. 30, 2019, but excluding Sept. 1, 2024.

FNBC Bancorp, the holding company for FNBC Bank, plans to use the net proceeds to support regulatory capital ratios and enhance liquidity, as well as for general corporate purposes.

Performance Trust Capital Partners acted as the sole placement agent for FNBC Bancorp in connection with the debt issuance.