Southside Bancshares, Inc. Announces Call for Redemption of 5.50% Fixed-To-Floating Rate Subordinated Notes Due 2026
August 20, 2021 at 09:30 pm
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Southside Bancshares, Inc. announced that the Company has delivered a redemption notice to Wilmington Trust, National Association, as trustee (the “Trustee”), to give notice of redemption as of August 24, 2021 to each holder of the Company's outstanding 5.50% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “Notes”) in the aggregate principal amount of $100 million with a redemption date of September 30, 2021 (the “Redemption Date”). The Notes will be redeemed in full at 100% of the principal amount plus any accrued and unpaid interest up to, but excluding, the Redemption Date. Interest on the Notes will cease to accrue on and after the Redemption Date. The Notes were issued pursuant to the Subordinated Indenture, dated as of September 19, 2016, between the Company and the Trustee, and as supplemented by the First Supplemental Indenture relating to the Notes, dated as of September 19, 2016, between the Company and the Trustee.
Southside Bancshares, Inc. is a bank holding company for Southside Bank. The Company operates through approximately 55 branches, 13 of which are located in grocery stores, in addition to wealth management and trust services, and/or loan production, brokerage or other financial services offices. It is a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that it serves. Its consumer loan services include 1-4 family residential loans, home equity loans, home improvement loans, automobile loans and other consumer related loans. Its commercial loan services include commercial real estate loans and municipal loans. The Company's trust and wealth management services include investment management, administration of irrevocable, revocable and testamentary trusts, and custodian services, primarily for individuals and, to a lesser extent, partnerships and corporations.