Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Heritage Southeast Bancorporation, Inc. Announces Completion of $20 Million Subordinated Notes Offering


Heritage Southeast Bancorporation, Inc. (HSBI) (OTCQX: HSBI) today announced the completion of a private placement of $20 million of 6.00% fixed-to-floating rate subordinated notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.

The Notes are unsecured and have a ten-year term, maturing June 30, 2030, and will bear interest at a fixed annual rate of 6.00%, payable quarterly in arrears, for the first five years of the term. Thereafter, the interest rate will reset quarterly to an interest rate per annum equal to three-month LIBOR plus 563 basis points, payable quarterly in arrears. The Notes have been structured to qualify as Tier 2 capital for HSBI for regulatory capital purposes. HSBI intends to use the net proceeds of the offering to supplement the capital of Heritage Southeast Bank, its wholly owned subsidiary, and for general corporate purposes.

In connection with this subordinated notes offering, the company was advised by Performance Trust Capital Partners, LLC as financial advisor and Fenimore, Kay, Harrison & Ford, LLP as legal counsel.

Leonard A. Moreland, Chief Executive Officer of HSBI said, 2021 will be an exciting year for our Company. In addition to our announcement today regarding the completion of our subordinated notes offering, we continue to make strides on formalizing a solid growth plan for the company. We believe the offering of these subordinated notes will give us the power we need to expand our footprint in the Southeast.

About Heritage Southeast Bancorporation, Inc.

Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names Heritage Bank, The Heritage Bank, and Providence Bank in its various markets. With approximately $1.4 billion in assets, the bank provides a well-rounded offering of commercial and consumer products through its 24 locations. For additional information, visit one of the banks websites and select the Investor Relations link.

Forward-Looking Statements

Statements in this press release relating to Heritage Southeast Bancorporation, Inc.s plans, objectives, expectations or future performance are forward-looking statements. The words believe, may, should, anticipate, estimate, expect, intend, objective, possible, seek, plan, strive or similar words, or negatives of these words, identify forward-looking statements. These forward-looking statements are based on managements current expectations. HSBIs actual results in future periods may differ materially from those indicated by forward-looking statements due to various risks and uncertainties.

Pat Check

Latitude 34 PR


Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now


Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.