Poulsbo, Wash. (March 30, 2021): Liberty Northwest Bancorp, Inc. (the “Company”), the holding company for Liberty Bank, announced that it has completed a private placement of $5 million in aggregate principal amount of fixed-to-floating rate subordinated notes to certain qualified institutional accredited investors. The Company will use the proceeds for general banking purposes with an emphasis on supporting the growth of the holding company and the Bank.
The notes will initially accrue at an annual fixed interest rate of 5.50% until April 2026. Thereafter, the notes will reset quarterly to an annual floating rate equal to 90-day average secured overnight financing rate plus 500 basis points until maturity in April 2031, or an earlier redemption date. The Company may redeem the notes, in whole or in part, after April 2026. Any redemption will be at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest. The notes are not subject to redemption at the option of the holders.
“We are pleased to have raised this private placement to continue to invest in Liberty Bank,” said Richard C. Darrow, CEO of Liberty Bank and President and CEO of Liberty Northwest Bancorp, Inc. “This is a strong statement about the confidence in our growing bank, which continues to serve the markets of Kitsap County with our Poulsbo branch and across Puget Sound on the Eastside of Lake Washington with our Bellevue office.”
Keller Rohrback LLP served as counsel to Liberty Northwest Bancorp, Inc., and MJC Partners, LLC, served as the sole placement agent for the offering.
Liberty Northwest Bancorp, Inc. was established in 2020 as a single bank holding company for its Washington state-chartered bank subsidiary Liberty Bank.
Liberty Bank, headquartered in Poulsbo, serves clients throughout the West Sound and Puget Sound regions. Liberty Bank is a full-service community bank committed to highly personalized service and to reinvesting in the communities it serves. The bank provides loans and professional banking solutions to businesses, non-profits, and consumers. For more information, go to https://www.libertybanknw.com or call 360-779-4567.
About MJC Partners, LLC is a leading Los Angeles-based boutique investment banking and advisory firm providing a full range of strategic, transactional and valuation-related services to clients across multiple industry groups with a focus on financial services. For more information visit www.mjcpartners.com.
Forward Looking Statements
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Liberty Northwest Bancorp, Inc. and Liberty Bank (together, the “Company”) intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally, in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities.