Peoples FS closes $85M 7.75% subordinated note offering; oversubscribed and upsized

PEOPLES FINANCIAL SERVICES CORP.

Issued $85M of 7.75% Fixed-to-Floating Subordinated Notes due 2035; fixed rate until June 2030 then SOFR+411bps quarterly.
Proceeds to redeem existing subordinated debt and for general corporate purposes; qualifies as Tier 2 regulatory capital.
Offering oversubscribed and upsized due to strong investor demand; sole placement agent Performance Trust Capital Partners.
CEO cited strong execution on FNCB merger; management noted disciplined capital management approach.

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