Alpine Banks of Colorado announced that it has received $50 million in funding
June 10, 2020
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Alpine Banks of Colorado (OTCPK:ALPI.B) announced a private placement of $50,000,000 in fixed-to-floating rate subordinated notes due 2030 to certain qualified institutional buyers and institutional accredited investors on June 11, 2020. The notes will initially bear interest at a fixed rate of 5.875% per annum until June 15, 2025, payable semi-annually in arrears. For the remainder of the term or up to an earlier redemption date, the notes, which mature on June 15, 2030, will bear an interest rate that will reset quarterly to an annual floating rate equal to the then-current three-month term secured overnight financing rate (SOFR) plus 569 basis points, payable quarterly in arrears. The Company is entitled to redeem the notes, in whole or in part, on any interest payment date on or after June 15, 2025, and to redeem the notes at any time in whole upon certain other specified events. The minimum investment accepted from any outside investor is $250,000. The company issued securities pursuant to exemption provided under Regulation D and included participation from 18 investors.
Alpine Banks of Colorado is a holding company of Alpine Bank (the Bank). The Company, through its subsidiary, provides a range of banking services to individuals and businesses at approximately 39 locations, primarily on the Western Slope and the Front Range of Colorado. The Bank's primary deposit products are demand deposits and certificates of deposit, and its primary lending products are commercial business, real estate mortgage, and installment loans. The Bank also owns real estate, which consists of commercial buildings. The Bank's personal banking services include personal checking, personal lending, online banking, personal savings, and home mortgage loans. The Bank's business banking services include business checking, business lending, commercial services, business online banking, business savings, and business services. The Bank's other services include trust investment management, custodial services, estate management, and tax management and reporting, among others.