Investor Relations

Press Release

GrandSouth Bancorporation Completes Private Placement of $10 million of Subordinated Notes

Company Release - 11/23/2018 2:15 PM ET

GREENVILLE, S.C., Nov. 23, 2018 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank, completed a private issuance of 6.50% Fixed-to-Floating Subordinated Term Notes, in the principal amount of $10 million. Unless prepaid earlier, the notes mature on November 30, 2028.

The notes are intended to qualify as Tier 2 capital under the capital guidelines of the Federal Reserve Board. The Company intends to use the net issuance proceeds for general corporate purposes, including a capital contribution to the Bank to support its continued organic growth. The portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank.

Mason Y. Garrett, Chief Executive Officer, commented, "We are excited about this issuance, which is intended to support our anticipated strong pace of quality asset growth. We are pleased to enter the new year in a position to continue our expansion in South Carolina."

FIG Partners, LLC served as the sole placement agent for the note issuance. Haynesworth Sinkler Boyd, PA served as legal counsel to the Company.

About GrandSouth Bancorporation and GrandSouth Bank
GrandSouth Bancorporation is the financial holding company for GrandSouth Bank, which operates six offices in the Greenville, Columbia, Orangeburg, Anderson, Fountain Inn, and Greer markets of South Carolina as well as a loan production office in Charleston, South Carolina. Additional information can be found on GrandSouth's website at www.grandsouth.com.

Forward-Looking Statements
This press release contains forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to future events or the future performance of GrandSouth Bancorporation. Forward‐looking statements are not guarantees of performance or results. These forward‐looking statements are based on the current beliefs and expectations of the respective management of GrandSouth Bancorporation and GrandSouth Bank and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond their respective control. In addition, these forward‐looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed or implied in these forward‐looking statements because of numerous possible uncertainties. Words like "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and similar expressions, should be considered as identifying forward‐looking statements, although other phrasing may be used. Such forward‐looking statements involve risks and uncertainties and may not be realized due to a variety of factors. Additional factors that could cause actual results to differ materially from those expressed in the forward‐looking statements are discussed in the reports (such as Annual Reports) filed by GrandSouth Bancorporation. You should consider such factors and not place undue reliance on such forward‐looking statements. No obligation is undertaken by GrandSouth Bancorporation to update such forward‐looking statements to reflect events or circumstances occurring after the issuance of this press release. 

 

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SOURCE GrandSouth Bancorporation