ST. LOUIS, December 13, 2021 – Parkside Financial, Inc. (the “Company”), the holding company for Parkside Financial Bank & Trust (the “Bank”), announced today the completion of its private placement of $13.0 million in fixed-to-floating rate subordinated notes due 2031 (the “Notes”). The Notes bear a fixed rate of 3.25% for the first five years and will reset quarterly thereafter to the then current three-month SOFR rate plus 219 basis points.
James Wagner, President of the Company and Chief Executive Officer of the Bank stated “We are thrilled that Parkside’s historical performance and strong balance sheet created significant demand for the Notes, resulting in a materially over-sold placement completed in just two days at record-low rates. We look forward to utilizing this equity to grow our team and continue our upward trajectory.”
The Company expects to use the net proceeds from the offering to fund organic growth, support regulatory capital ratios, and for general corporate purposes. The Notes are intended to qualify as Tier 2 capital for the Company for regulatory purposes.
Piper Sandler served as the sole placement agent for the offering and was advised by Holland & Knight LLP. The Company was advised by Armstrong Teasdale LLP.
This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy the Notes nor shall there by any sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation (the “FDIC”) or any other government agency or fund.
This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast, and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance.
For additional information, please contact:
James C. Wagner, President of Parkside Financial, Inc.
314.290.8600 | firstname.lastname@example.org | pfbt.com
Parkside Financial, Inc.
Parkside Financial, Inc. is the holding company for Parkside Financial Bank & Trust. The Bank offers commercial banking, trust and family office services to privately-held businesses, their owners and operators, and high net worth individuals. The Bank maintains its headquarters at its sole full-service branch in Clayton, Missouri. Parkside Financial Bank & Trust formally opened for business on April 23, 2008.
Source: Parkside Financial, Inc.