Peoples Financial Services Corp. Completes $85 Million Subordinated Notes Offering Amid Strong Investor Demand
Peoples Financial Services Corp., the parent company of Peoples Security Bank and Trust Company, has announced the completion of a private placement of $85.0 million in subordinated notes. These notes are set at a fixed-to-floating interest rate of 7.75% per annum until June 15, 2030, with semi-annual interest payments beginning December 15, 2025. After this period, the interest rate will adjust quarterly to a floating rate equal to the Three-Month Term Secured Overnight Financing Rate plus 411 basis points, with quarterly interest payments starting September 15, 2030. The notes, which mature in 2035, are redeemable by the company on or after June 15, 2030, or earlier under certain conditions. The proceeds are intended for general corporate purposes and the redemption of existing subordinated debt. This issuance aims to strengthen the company's balance sheet and support growth.
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