ROCKLAND, Mass. – Rockland Trust Co. parent Independent Bank Corp. last month issued $35 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2024.
The notes were through a private placement to certain institutional accredited investors, according to a statement. The company arranged the Private Placement through its placement agents, U.S. Bancorp Investments, Inc. and Sandler O’Neill & Partners L.P.
Unless redeemed, the notes will mature on Nov. 15, 2024, Independent Bank Corp. said. The notes will bear interest at a rate of 4.75 percent annually.
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