FVCBankcorp, Inc. Completes Private Placement of $25.0 Million in Aggregate Principal Amount of its Fixed to Floating Rate Subordinated Notes
June 20, 2016 at 05:41 pm EDT
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FVCBankcorp, Inc. announced that it has completed a private placement of $25.0 million in aggregate principal amount of its fixed to floating rate subordinated notes. Unless earlier redeemed, the notes will mature on June 30, 2026. The notes bear interest at a fixed rate of 6.00% for the first five years, and thereafter will bear a floating interest rate equal to three-month LIBOR plus 487 basis points. The notes are intended to qualify as Tier 2 capital for the company for regulatory purposes. The company intends to use the net proceeds of the offering to support continued organic growth and for general corporate purposes. The additional capital will also allow the company flexibility to take advantage of strategic opportunities in the market place that may arise.
FVCBankcorp, Inc. is a holding company. The Company operates primarily through its subsidiary, FVCbank (the Bank), which is a community oriented, locally-owned and managed commercial bank. It emphasizes providing commercial banking services to small and medium-sized businesses, professionals, non-profit organizations and associations, and investors living and working in and near its service area. It offers retail banking services to accommodate the individual needs of both corporate customers as well as the communities it serves. The Company also offers online banking, mobile banking and a remote deposit service. The Company provides a variety of lending products to small and medium-sized businesses, including commercial real estate loans; commercial construction loans, and Small Business Administration (SBA) lending. Through third party networks, the Company offers its customers access to a full range of business insurance products and business and consumer credit card products.
FVCBANKCORP, INC. 
