FineMark Holdings, Inc. announced that it has received $21.3 million in funding
November 23, 2020
Share
FineMark Holdings, Inc. (OTCPK:FNBT) announced a private placement of fixed-to-floating rate subordinated notes due 2030 for aggregate gross proceeds of $21.3 on November 23, 2020. The transaction included participation from certain qualified institutional buyers and accredited investors. The notes are unsecured and have a ten-year term, maturing November 30, 2030, and will bear interest at a fixed annual rate of 4.25%, payable semi-annually in arrears, until November 30, 2025. From and including November 30, 2025, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate , plus a spread of 400.6 basis points, payable quarterly in arrears, provided, however, that, in the event the three-month SOFR is less than zero, the three-month SOFR shall be deemed to be zero. As provided in the notes, under specified conditions, the interest rate on the Notes during the Floating Rate Period may be determined based upon a rate other than Three-Month SOFR. The company may redeem the notes, in whole or in part, on any interest payment date on or after November 30, 2025, or at any time in whole upon certain other specified events. The Notes received a BBB- rating from Kroll Bond Rating Agency. The company received funding pursuant to Regulation D. The transaction included participation from 12 investors. Minimum investment accepted from any outside investor is $300,000.
FineMark Holdings, Inc. is the holding company of FineMark National Bank & Trust (the Bank), which is a chartered bank and trust company. It offers a range of financial services, including personal and business banking, lending services and asset management and trust services through its banking offices located in Lee, Collier and Palm Beach County, Florida, Maricopa County, Arizona, and Berkeley County, South Carolina. It also has a trust department which offers investment management, trust administration, estate planning and financial planning services. Its personal banking services include certificates of deposits, checking accounts, saving accounts, money market accounts, health savings accounts, and individual retirement accounts. Its business lending services include mixed-use building, multifamily residential, business working capital, equipment purchase and lines of credit and letters of credit. Its financial planning services include asset protection and educational planning.