The Company has evaluated all subsequent events through the date of this filing to ensure that this Form 10-Q includes appropriate disclosure of events both recognized in the financial statements as of June 30, 2015, and events which occurred subsequent to June 30, 2015 but were not recognized in the financial statements.

 

On July 15, 2015, the Company entered into a Note Purchase Agreement (the “Purchase Agreement”) for a private placement of $34.75 million in aggregate principal amount of 5.00% Subordinated Notes due July 15, 2025 (the “Notes”). The Notes were sold to accredited investors. The Notes are subordinate and junior in right of payment to the claims of all general creditors of the Company and are intended to qualify as Tier 2 Capital. Interest on the Notes will accrue from July 15, 2015, and the Company will pay interest semi-annually on June 30^th and December 31^st each year, beginning December 31, 2015, until the Notes mature. The Notes may not be prepaid by the Company prior to July 15, 2020.

 

The Company intends to use the net proceeds from the issuance of the Notes to redeem its Senior Non-Cumulative Perpetual Preferred Stock, Series A, issued June 21, 2011.