Oxford Bank Corporation Announces Completion of $16 Million Private Placement of Subordinated Notes
OXFORD, Mich., Sept. 30, 2021 /PRNewswire/ -- Oxford Bank Corporation (the "Company") (OTC - OXBC) is pleased to announce that the Company has completed a private placement of
The Notes will initially bear interest at
The Notes are structured to qualify as Tier 2 capital instruments for regulatory capital purposes. The Company intends to utilize the proceeds from the sale of the Notes for general corporate purposes, including investment in Oxford Bank, the Company's wholly-owned bank subsidiary.
Oxford Bank Corporation President & CEO David P. Lamb stated, "We are extremely pleased to have successfully completed this subordinated debt issuance in a relatively short time-frame and on such favorable terms." PNC FIG Advisory, part of PNC Capital Markets LLC, served as sole placement agent on the transaction. Pillar+Aught served as legal counsel to the Company and Tucker Ellis LLP served as legal counsel to the placement agent.
About Oxford Bank
Oxford Bank (the "Bank") is a subsidiary of Oxford Bank Corporation, a registered bank holding company. It is the oldest commercial bank in Oakland County, MI, and operates seven full-service offices, located in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. The Bank also has a Customer Service Center in Rochester Hills with transactional services provided by Interactive Teller Machines only. In addition, the Bank has business banking centers in Wixom, MI, and Flint, MI. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.com.
Forward-Looking Statements
Statements made in this press release that are not historical facts are forward-looking statements. These forward-looking statements are not guarantees and involve risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Expectations and assumptions related to forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Therefore, there can be no assurance that the expected results contemplated in the forward-looking information will be achieved and should not be relied upon or regarded as the Company's express or implied representation that any strategy, objectives or other plans will be achieved. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the information in the forward-looking statements and can change as a result of many possible events or factors, not all of which are known to us or in our control.
CONTACT: David P. Lamb
President & Chief Executive Officer
Phone: (248) 628-2533
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SOURCE Oxford Bank Corporation
