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Lead Placement Agent

River Financial Corporation

$40 Million 03/09/2021 Depository Complete
Public Companies
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Transaction Details

  • River Financial Corporation (OTCPK: RVRF) (“River”), the holding company of River Bank & Trust (the “Bank”), announced that on March 9, 2021, it closed its $40 million private placement of Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”)
  • The Notes bear a fixed rate of 4.00% per year for the first 5 years and then reset quarterly at a variable rate equal to the then current three-month term SOFR plus 342 basis points
  • The Egan-Jones Ratings Company assigned a rating of BBB+ to the Notes
  • River intends to use approximately $19.7 million of the net proceeds from the issuance of the Notes to pay off its note with CenterState Bank dated October 31, 2018, including interest accrued on such notes, and the remaining proceeds for general corporate purposes, including providing capital to support the organic growth of its Bank

About the company

River is a bank holding company headquartered in Prattville, Alabama. River engages in the business of banking through its wholly-owned banking subsidiary, River Bank & Trust. Through the Bank, River provides a broad array of financial services to businesses, business owners, professionals, and consumers. As of September 30, 2020, River operated eighteen full-service banking offices in Alabama in the cities of Montgomery, Prattville, Millbrook, Wetumpka, Auburn, Opelika, Gadsden, Alexander City, Daphne, Clanton, Dothan, Enterprise, Thorsby, and Mobile.

Sources: Company Filings.
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