First Bancorp of Indiana, Inc. announced that it has received $12 million in funding
January 24, 2022
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First Bancorp of Indiana, Inc. announced the completion of its private placement with certain qualified institutional buyers and accredited investors for purchase of 3.50% fixed-to-floating rate subordinated notes for gross proceeds of $6 million and 4% fixed-to-floating rate subordinated notes for gross proceeds of $6 million; for an aggregate amount of $12 million on January 25, 2022. The notes carry a fixed annual rate of 3.5%, payable semi-annually in arrears, for the first five years of the term and will reset quarterly thereafter to three-month SOFR rate plus 212 basis points, due 2032. The notes carry a fixed annual rate of 4%, payable semi-annually in arrears, for the first ten years of the term and will reset quarterly thereafter to three-month SOFR rate plus 244 basis points, due 2037. The transaction was oversubscribed. The minimum investment accepted from any outside investor is $100,000. The company received funding pursuant to regulation D from 17 investors.
First Bancorp of Indiana, Inc. is a bank holding company. The Companyâs principal activity is the ownership and management of its wholly owned subsidiary, First Federal Savings Bank (the bank). The Bank provides a variety of banking services to individuals and business customers through nine full-service locations in southwestern Indiana and one loan production office in Henderson, Kentucky. The Bank operates some of its branches under Home Building Savings Bank, a division of the Bank. The Bankâs deposit products include certificates of deposit, checking accounts, health savings accounts, individual retirement account, money market accounts and savings accounts. Its loan products include consumer loans, mortgage loans and home equity loans, among others. The Bankâs e-banking services include First Direct Online Banking, First BillPay, Zelle, Mobile Banking, Digital Wallet, Mobile Check Deposit and eStatements. It is also engaged in treasury management and business lending services.