IRVINE, Calif., July 15, 2019 /PRNewswire/ -- Nano Financial Holdings, Inc. (the "Company"), the holding company for Nano Banc (the "Banc"), today announced the completion of its $25 million private placement of fixed senior unsecured notes due 2024 (the "Notes"). Due to strong institutional demand, the issuance was increased from the initial $20 million. Mr. Mark Rebal, CEO, stated "this private placement was part of the Banc's initial strategy and the strong investor demand further validates management and its strategy." The Notes bear a fixed rate of 7.00% for five years. The Company and Banc intends on using the proceeds to support organic growth and for general corporate purposes. Brean Capital, LLC served as the sole placement agent for this offering.
About the Company and Banc:
The Company was founded in May 2017 and acquired the Banc in May 2018. Since its acquisition by the Company, Nano Banc has become one of California's fastest growing commercial banks through its strategic growth initiatives, and is deeply committed to serving Orange, Los Angeles, and Riverside Counties. The Banc provides relationship-based commercial loan and deposit products, services, and solutions to its client base throughout the community.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation.
SOURCE Nano Banc