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SUBSEQUENT EVENT
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 18 – SUBSEQUENT EVENT

On November 5, 2019, the Company completed an offering of $175 million aggregate principal amount Fixed to Floating Rate Subordinated Notes due in 2029. The notes will bear a fixed interest rate of 4.25% per year through November 14, 2024. Beginning November 15, 2024, the interest rate will become a floating rate equal to three month LIBOR plus 262 basis points through the remaining maturity or early redemption date of the notes. The interest will be paid in arrears semi-annually during the fixed rate period and quarterly during the floating rate period.

 

The Company expects to use the proceeds from this issuance to redeem $10 million of outstanding trust preferred securities and $25 million of subordinated debt once each debt becomes callable. The remainder of the proceeds will be used for general corporate purposes.