First Bank Announces Completion of $35 Million Subordinated Debt Offering

HAMILTON, N.J., June 18, 2025 (GLOBE NEWSWIRE) -- First Bank (the "Bank") (NASDAQ:FRBA) today announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem its outstanding $30.0 million of subordinated notes and for general corporate purposes.

The notes have a maturity date of June 30, 2035, and carry a fixed rate of interest of 7.125% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate ("SOFR") plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

President and Chief Executive Officer Patrick L. Ryan discussed the offering: "We are pleased to announce the successful ...