Peoples Financial Services Corp. announced that it has completed a subordinated note purchase agreement for gross proceeds of $85,000,000 on June 6, 2025. The company issued a 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035 at a price equal to 100% of the principal amount and notes will initially bear interest at a rate of 7.75% per annum from issuance until June 15, 2030, with interest during this period payable semi-annually in arrears beginning December 15, 2025.
The Subordinated Notes mature on June 15, 2035, and bear interest at a fixed annual rate of 7.75%, payable semi-annually. The notes are unsecured and redeemable. The company issued securities under Regulation D. The minimum investment accepted from any outside investor is $1,00,000.
The transaction included participation from 52 investors.
