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Banking & Finance Roundup: Banesco CEO resigns, successor named - South Florida Business Journal
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Banesco USA CEO resigns - South Florida Business Journal
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CORAL GABLES, Fla., Dec. 29, 2020 /PRNewswire/ Banesco USA (the Bank ) announced today the completion of its private placement of $15.0 million of 5.50% Fixed to Floating Rate Subordinated Notes due 2030 (the Notes ) to qualified institutional buyers. The Notes will initially bear interest at a fixed annual rate of 5.50% for the first five years and will reset quarterly thereafter at the then current three-month SOFR rate plus 524 basis points. The Notes are intended to qualify as Tier 2 capital for regulatory capital purposes for the Bank.
The Bank intends to use the net proceeds from the offering for general corporate purposes including the support of capital levels and organic growth.