Grandsouth Bancorp
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Financials : Banks |
Company profile

Grandsouth Bancorporation is a holding company for GrandSouth Bank (the Bank). The Bank offers a range of commercial bank services. It offers a range of accounts, such as Value Checking account, Grand Checking account and savings account. It also offers business checking account, business interest checking account and business checking on analysis. It offers Mastercard and Visa credit card options. The Bank also offers online banking services. The Company makes loans to individuals and small businesses for various personal and commercial purposes primarily in South Carolina. The Bank offers secured and unsecured, short-to-intermediate term loans, with floating and fixed rates for commercial, consumer and residential purposes. Its investment portfolio consists principally of obligations of the United States Government-sponsored entities and general obligation municipal securities. Its deposit services include business and personal checking accounts and money market accounts.

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GrandSouth Bancorporation Announces Completion of $18 Million Subordinated Notes Offering

12:48 pm ET November 16, 2020 (PR Newswire) Print

GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank ("Bank"), announced that on November 13, 2020 it completed a private placement of $18.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due November 2030.

The unsecured notes initially bear interest at a fixed rate of 4.375% per annum, payable semi-annually in arrears on each May 15 and November 15 commencing May 15, 2021 until November 15, 2025. From November 15, 2025 through November 15, 2030 (or up to an earlier redemption date), the interest rate shall reset quarterly to an interest rate per annum equal to Three-Month Term SOFR (or the applicable successor or substitute base rate) plus 416 basis points, payable quarterly in arrears. The notes are redeemable, in whole or in part, on November 15, 2025, on any interest payment date thereafter, and at any time upon the occurrence of certain events. GrandSouth Bancorporation intends to use proceeds from the private placement for general corporate purposes, to include enhancing the Bank's capital ratios and supporting growth of the franchise, and potential future strategic opportunities.

Performance Trust Capital Partners, LLC served as sole placement agent for the private offering, and Nelson Mullins Riley & Scarborough LLP served as GrandSouth Bancorporation's legal counsel. Wyrick Robbins Yates & Ponton LLP provided legal counsel to the placement agent in connection with the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About GrandSouth Bancorporation

GrandSouth Bancorporation, the parent company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $1 billion in assets as of September 30, 2020, including over $839 million in gross loans.


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SOURCE GrandSouth Bancorporation

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