First Bank completes $35 million subordinated debt offering

First Bank completes $35 million subordinated debt offering

First Bank, with 16 branches in New Jersey, on Thursday announced the closing of a $35 million private placement of fixed-to-floating rate subordinated notes. The bank plans to use the proceeds to redeem its outstanding $30 million of subordinated notes and for general corporate purposes. The notes have a maturity date of June 30, 2035, and carry a fixed interest rate of 7.125% for the first five years. Thereafter, the notes will pay interest at…