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MB Bancorp Inc. announces completion of $45M subordinated notes offering
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MB Bancorp Inc. announces completion of $45M subordinated notes offering
MB Bancorp, Inc., the holding company for Manasquan Bank, announced that it has completed a private placement of $45 million aggregate principal amount of 6.50% fixed-to-floating rate subordinated notes due 2035. The subordinated notes bear a fixed interest rate of 6.50% per annum for the first five years and will reset quarterly thereafter to the then-current three-month secured overnight financing rate (SOFR) plus 306 basis points. MB Bancorp …
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