Lincoln Park Bancorp completes subordinated note offering.
Global Banking News-June 28, 2016--Lincoln Park Bancorp completes subordinated note offering
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Global Banking News - 28 June 2016
Lincoln Park Bancorp (NASDAQ-OTCBB: LPBC), the parent company of Lincoln 1st Bank, has said that it has completed a private issuance of an USD5m fixed-rate subordinated term note to a qualified institutional investor, without naming the investor.
Under the programme, unless prepaid earlier, the note will mature on July 1, 2026. The net proceeds will be used to support continued organic growth of the bank and general corporate purposes. 'The issuance proceeds will allow us to continue to grow and meet the needs of our customers. We want to continue to be the Bank that is Ready Willing and Able, to meet all the banking needs in our area,' stated David Baker, president and chief executive officer.
Sandler O'Neill + Partners, L.P. acted as the sole placement agent for the note issuance. Luse Gorman, PC acted as special legal counsel for the company.
Lincoln Park Bancorp is the parent company of Lincoln 1st Bank, which offers a full range of banking services to individuals and small businesses in the Morris County area of New Jersey. The bank is located in Lincoln Park, NJ with its second branch in Montville, NJ.
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|Publication:||Global Banking News (GBN)|
|Date:||Jun 28, 2016|
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