Heartland BancCorp (OTCQX: HLAN) has completed its private placement of $25 million of 5% fixed-to-floating rate subordinated notes. The $25 million placement represents notes that are due in 2030, including the exchange of approximately $5.4 million of the company’s subordinated promissory notes due 2025. The successful capital raise helps Heartland to build out its business plan and represents an affirmation of the company’s opportunities in the market, bank leaders said. Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 19 full-service banking offices, and TransCounty Title Agency, LLC. Heartland Bank, founded in 1911, provides full-service commercial, small business, and consumer banking services; professional financial planning services; and other financial products and services.
D.A. Davidson acted as placement agent for the offering.
Full details regarding the transaction can be found here.