{"id":382077,"date":"2020-11-16T12:51:53","date_gmt":"2020-11-16T17:51:53","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=382077"},"modified":"2020-11-16T12:51:53","modified_gmt":"2020-11-16T17:51:53","slug":"grandsouth-bancorporation-announces-completion-of-18-million-subordinated-notes-offering","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/grandsouth-bancorporation-announces-completion-of-18-million-subordinated-notes-offering\/","title":{"rendered":"GrandSouth Bancorporation Announces Completion of $18 Million Subordinated Notes Offering"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n GREENVILLE, S.C.<\/span>, Nov. 16, 2020<\/span> \/PRNewswire\/ —\u00a0GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank (“Bank”), announced that on November\u00a0 13, 2020 it completed a private placement of $18.0 million<\/span> in aggregate principal amount of fixed-to-floating rate subordinated notes due November 2030<\/span>.<\/p>\n

The unsecured notes initially bear interest at a fixed rate of 4.375% per annum, payable semi-annually in arrears on each May 15<\/span> and November 15<\/span> commencing May 15, 2021<\/span> until November 15, 2025<\/span>. From November 15, 2025<\/span> through November 15, 2030<\/span> (or up to an earlier redemption date), the interest rate shall reset quarterly to an interest rate per annum equal to Three-Month Term SOFR (or the applicable successor or substitute base rate) plus 416 basis points, payable quarterly in arrears. The notes are redeemable, in whole or in part, on November 15, 2025<\/span>, on any interest payment date thereafter, and at any time upon the occurrence of certain events. GrandSouth Bancorporation intends to use proceeds from the private placement for general corporate purposes, to include enhancing the Bank’s capital ratios and supporting growth of the franchise, and potential future strategic opportunities. <\/p>\n

Performance Trust Capital Partners, LLC served as sole placement agent for the private offering, and Nelson Mullins Riley<\/span> & Scarborough LLP served as GrandSouth Bancorporation’s legal counsel. Wyrick Robbins Yates<\/span> & Ponton LLP provided legal counsel to the placement agent in connection with the offering.<\/p>\n

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States<\/span> absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.<\/p>\n

\n About GrandSouth Bancorporation<\/b>\n <\/p>\n

GrandSouth Bancorporation, the parent company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $1 billion<\/span> in assets as of September 30, 2020<\/span>, including over $839 million<\/span> in gross loans.<\/p>\n

Website: www.grandsouth.com<\/a><\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/grandsouth-bancorporation-announces-completion-of-18-million-subordinated-notes-offering-301173843.html<\/a><\/p>\n

SOURCE GrandSouth Bancorporation<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire GREENVILLE, S.C., Nov. 16, 2020 \/PRNewswire\/ —\u00a0GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank (“Bank”), announced that on November\u00a0 13, 2020 it completed a private placement of $18.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due November 2030. The unsecured notes initially bear interest at a fixed rate of 4.375% per annum, payable semi-annually in arrears on each May 15 and November 15 commencing May 15, 2021 until November 15, 2025. From November 15, 2025 through November 15, 2030 (or up to an earlier redemption date), the interest rate shall reset quarterly to an interest rate per annum equal to Three-Month Term SOFR (or the applicable successor or substitute base rate) plus 416 basis … <\/p>\n

Continue reading “GrandSouth Bancorporation Announces Completion of $18 Million Subordinated Notes Offering”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-382077","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGrandSouth Bancorporation Announces Completion of $18 Million Subordinated Notes Offering - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/grandsouth-bancorporation-announces-completion-of-18-million-subordinated-notes-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GrandSouth Bancorporation Announces Completion of $18 Million Subordinated Notes Offering - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire GREENVILLE, S.C., Nov. 16, 2020 \/PRNewswire\/ —\u00a0GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank (“Bank”), announced that on November\u00a0 13, 2020 it completed a private placement of $18.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due November 2030. 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