Arbor Bancorp, Inc., an Ann Arbor, Michigan-based holding company for Bank of Ann Arbor, announced its completion of a private placement of $75 million in 10-year fixed-to-floating rate subordinated notes.
The notes will initially bear interest at 3.125% per annum through November 29, 2026, and thereafter pay a quarterly floating rate equal to Three-Month Average SOFR plus 202 basis points.
Warner Norcross + Judd LLP represented Performance Trust Capital Partners in the offering, which served as financial advisor and sole placement agent for the offering.
The Warner transaction team was led by Charlie Goode, and included Jeffrey Ott, Sarah Harper and Malaina Weldy.
Warner’s Banking Law Practice Group
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.
