Stinson Represents Bank of Idaho Holding Co. in Completing Subordinated Notes Offering
Bank of Idaho Holding Co., the holding Company for Bank of Idaho, announced recently it has completed a private placement of $10 million in aggregate principal amount of fixed-to-floating rate subordinated notes to certain qualified institutional investors. The holding company intends to use the proceeds of the notes offering for general purposes and growing the bank operations in current and new markets.
The notes bear a fixed interest rate of 5.75% per annum until September 2025, after which until maturity in August 2030, or an earlier redemption date, the interest rate will reset quarterly to an annual floating rate equal to 90-day average SOFR plus 525 basis points.
Stinson Partners Adam Maier and Nate Van Emon served as legal counsel on the matter. The firm's Bank M&A group has represented multiple banks and holding companies in subordinated debenture securities matters in recent months.