Lake Financial Corporation, the holding company for Lake-Osceola State Bank, has completed a private placement of $15 million of fixed-to-floating rate subordinated notes due June 11, 2031.
The subordinated notes are structured as Tier 2 capital for regulatory purposes and will bear interest at a fixed rate of 3.75% per annum until June 11, 2026. After June 11, 2026, until maturity, the subordinated notes will bear interest at a rate equal to the three month Secured Overnight Financing Rate plus 304 basis points. The subordinated notes will mature on June 11, 2031.
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.