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Subsequent Event | 3 Months Ended
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Mar. 31, 2015
Subsequent Event [Abstract] |
Subsequent Event | (14.) SUBSEQUENT EVENT On April 15, 2015, the Company issued $40.0 million in aggregate principal amount of 6.0% fixed to floating rate subordinated notes due 2030 (the "Notes") to certain accredited investors. The Notes will bear interest at a fixed rate of 6.0% per year, payable semi-annually, for the first 10 years and, from April 15, 2025 to the April 15, 2030 maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then current three-month London Interbank Offered Rate (LIBOR) plus 3.944%, payable quarterly. The Notes are redeemable by the Company at any quarterly interest payment date beginning on April 15, 2025 to maturity at par, plus accrued and unpaid interest. The notes qualify as Tier 2 capital for regulatory purposes. The net proceeds from this offering are intended for general corporate purposes, including but not limited to, contribution of capital to the Bank to support both organic growth and opportunistic acquisitions. In connection with the Notes offering, the Company obtained ratings from Kroll Bond Rating Agency ("Kroll"). Kroll assigned investment grade ratings of BBB and BBB- for the Company's senior unsecured debt and subordinated debt, respectively, and a senior deposit rating of BBB+ for the Bank.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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