LCNB Corp. Announces Closing of Subordinated Notes Offering
LCNB Corp. announced the closing of a private placement of $25.0 million in aggregate principal of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036. Net proceeds are intended to repay about $8.8 million of existing long-term debt, with the remainder for general corporate purposes.
Why it matters — LCNB watchers would note the company's new subordinated debt issuance and its stated plan to use part of the proceeds to pay down existing long-term debt, alongside funding general corporate purposes.