Regent Capital Corp. Issuing $20 million in Notes

TULSA, Okla., Aug. 6, 2021 /PRNewswire/ -- Regent Capital Corporation (the "Company") announced today the issuance of $20 million aggregate principal amount of fixed-to-floating rate subordinated notes (the "Notes") in a private placement transaction to certain qualified institutional buyers and institutional accredited investors.  The Notes are intended to qualify as Tier 2 capital for regulatory purposes. 

The Company intends to use the net proceeds for general corporate purposes, including the repayment of a line of credit, redemption of outstanding indebtedness and support for organic growth and capital ratios.

"I am so proud of our team," Regent Bank CEO Sean Kouplen said. "Our consistent long-term performance and financial strength allowed us to complete this significant subordinated debt issuance at a very low cost to our shareholders."

The Notes have an initial fixed rate of 4.00% per annum, mature on August 1, 2031, and become callable at the Company's option beginning on August 1, 2026 ("call date"), subject to certain exceptions. Starting on the call date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month term SOFR (Secured Overnight Financing Rate) plus 342 basis points. Notwithstanding the foregoing, if the Benchmark rate is less than zero, then the Benchmark rate shall be deemed to be zero.

Piper Sandler & Co. served as the sole placement agent. McAfee & Taft served as legal counsel to Regent and Nelson Mullins Riley & Scarborough LLP served as legal counsel to the placement agent.

About the Company

Regent Bank was founded in 1898 in Nowata, OK and purchased by Kouplen-led Regent Capital Corporation in 2008. Since 2008, the bank has grown from one location and $72 million in assets to five locations and almost $1 billion in assets. The bank recently launched Regent Mortgage and Regent Insurance, and it plans to expand into the Broken Arrow and Edmond markets by the end of 2021.

Regent Bank is an SBA preferred lender and serves specialty banking niches such as tribal nations, nonprofit organizations, Hispanic-owned businesses, and healthcare professionals. 

"Regent Bank's passion is serving locally-owned small and mid-market businesses throughout Oklahoma and southwest Missouri," Kouplen said. "Business can be very challenging, and we want to be our clients' trusted partner through thick and thin."

Regent Bank is a Member FDIC & Equal Housing Lender.

Contact:
Sean Kouplen, Chairman & CEO, Regent Bank
918.237.4887
[email protected]

SOURCE Regent Capital Corporation