LINCOLN PARK, N.J., June 27, 2016 /PRNewswire/ -- Lincoln Park Bancorp (the "Company"), the parent company of Lincoln 1st Bank (the "Bank"), announced today that it has completed a private issuance of a $5 million fixed-rate subordinated term note to a qualified institutional investor. Unless prepaid earlier, the note matures on July 1, 2026.
The note is intended to qualify as Tier 2 capital under the Federal Reserve's capital guidelines. The Company intends to use the net issuance proceeds to support continued organic growth of the Bank and general corporate purposes.
"The issuance proceeds will allow us to continue to grow and meet the needs of our customers. We want to continue to be the Bank that is Ready Willing and Able, to meet all the banking needs in our area," stated David Baker, President and Chief Executive Officer.
Sandler O'Neill + Partners, L.P. served as the sole placement agent for the note issuance. Luse Gorman, PC served as special legal counsel for the Company.
For more information contact:
David G Baker, President and CEO, (973) 694-0330
David Van Steyn, Executive Vice President & COO, (973) 335-2213
Lincoln Park Bancorp is the holding company of Lincoln 1st Bank, which offers a full range of banking services to individuals and small businesses in the Morris County area of New Jersey. The Bank is located in Lincoln Park, NJ with a second branch in Montville, NJ. Lincoln 1st Bank, Your Bank Your Neighbor.
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SOURCE Lincoln Park Bancorp