Codorus Valley Bancorp, Inc. Completes $31.0 Million Subordinated Debt Offering
YORK, Pa., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (“Codorus Valley” or the “Company”) (NASDAQ: CVLY), the parent company for PeoplesBank, A Codorus Valley Company (“PeoplesBank”), which is the parent company of PeoplesWealth Advisors, today announced the completion of a private placement of
“We are pleased to announce the successful completion of our subordinated debt offering under favorable terms. This debt offering will strengthen the Company’s already strong capital position, provide additional flexibility as we grow our franchise and it will enhance our ability to execute on our long-term business strategies,” said Larry J. Miller, Chairman, President and Chief Executive Officer of Codorus Valley.
The Notes are structured to qualify as Tier 2 capital for Codorus Valley for regulatory capital purposes. The Notes will initially bear a fixed interest rate of
Boenning & Scattergood, Inc. served as the sole placement agent for the offering. Stevens & Lee, P.C. served as legal counsel to Codorus Valley and Barley Snyder served as legal counsel to the placement agent.
The offer and sale of the Notes has not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any security, nor shall there be 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 such jurisdiction. The indebtedness evidenced by the unsecured Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.
The Company
With
Forward-looking Statements
Codorus Valley has made forward-looking statements in this Press Release. These forward-looking statements are subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and its subsidiaries. When words such as “believes,” “expects,” “anticipates,” or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include, but are not limited to: the recent and continuing coronavirus (COVID-19) pandemic which poses risks and may harm the Company’s business and results of operations in future quarters, credit risk, changes in market interest rates, inability to achieve merger-related synergies, competition, economic downturn or recession, and government regulation and supervision. The Company provides greater detail regarding these as well as other factors in its 2019 Form 10-K and 2020 Form 10-Qs, including Risk Factors sections of those reports, and in its subsequent SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements.
Questions or comments concerning this Press Release should be directed to:
Codorus Valley Bancorp, Inc.
Larry J. Miller
Chairman, President and CEO
717-747-1500
lmiller@peoplesbanknet.com