Craig Miller, leader of Manatt’s financial services group, advised Avidbank Holdings, Inc., a San Francisco Bay Area bank holding company, in the private placement of $22 million in ten-year, fixed-to-floating-rate subordinated notes. The proceeds were slated to repurchase $12 million of subordinated notes and also will be used for general corporate purposes, including contributing growth capital. The notes have a maturity date of Dec. 30, 2029, and an initial interest rate of 5.0% per annum.
Manatt has advised Avidbank Holdings, Inc., in previous transactions, with Miller serving as an advisor in multiple private placements and private offerings. Paralegal Sandra Zapf also contributed to this deal.
To read more about the deal, click here.