West Shore Bank Corporation, the parent company of West Shore Bank, today announced the closing of a private placement of $20 million aggregate principal amount of its 3.375% fixed-to-floating rate subordinated notes due 2031.
West Shore Bank Corporation intends to use the net proceeds from the private placement for general corporate and strategic purposes.
The notes will initially bear interest at a fixed rate of 3.375% per annum until November 12, 2026, after which time the interest rate will reset quarterly to an interest rate per annum equal to Three-Month Term SOFR plus 234 basis points. The notes will mature on November 12, 2031.
West Shore Bank is an independent community bank with nine full-service banking offices. West Shore Bank – Wealth Management provides investment, trust and insurance services, with offices in Traverse City, Ludington and Muskegon. For more information, visit www.westshorebank.com.
Warner Norcross + Judd LLP represented West Shore Bank Corporation in the offering.
The Warner transaction team was led by Charlie Goode and included Jeffrey Ott, Sarah Harper and Malaina Weldy.
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As part of one of the largest and most successful law firms in Michigan, the attorneys in Warner’s Banking Law Practice Group counsel banks and bank holding companies to develop capital raising strategies and to execute public offerings and private placements of securities. Our attorneys practice all aspects of banking law, including bank formations, mergers and acquisitions, strategic transactions, commercial lending, consumer credit, negotiable instruments, bank litigation, workouts and bankruptcy, leveraged leasing, antitrust and regulatory compliance.