Amount Raised
$17.5 Million
Round Type
Funding Round
IrvineDescription
CW BANCORP (the “Company”) (OTCQX: CWBK), the parent company of CommerceWest Bank (the “Bank”), today announced the closing of its private placement of $17.5 million aggregate principal amount 3.75% Fixed-to-Floating Rate Subordinated Notes (the “Notes”). The Notes will mature on December 15, 2031 and will initially bear interest at a rate equal to 3.75% per annum from and including December 2, 2021 to, but excluding, December 15, 2026, payable semiannually in arrears. Thereafter, the Notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term Secured Overnight Financing Rate, plus a spread of 256 basis points, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
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