Highlands Bancorp, Inc. (OTCQB: HSBK) parent company of Highlands State
Bank is pleased to announce the completion of a $7.5 million issuance of
subordinated debt to Community Funding CLO, Ltd. The Company plans to
use the funds to redeem its Senior Non-Cumulative Perpetual Preferred
Stock, Series C issued under the U.S Treasury's Small Business Lending
Fund (SBLF)(subject to regulatory approval), and to supplement the
Bank’s regulatory capital levels to support future growth.
“We are pleased to complete this subordinated debt issue. In addition to
providing us with the funds necessary to redeem the SBLF funding, it
will also provide us with the capital needed to continue our growth in
Northern New Jersey. ” said Steven C. Ackmann, Chief Executive Officer
of Highlands Bancorp, Inc.
FIG Partners served as the sole placement agent for Highlands Bancorp,
Inc. and Windels Marx served as legal counsel in the Transaction.
About Highlands Bancorp, Inc.
Highlands Bancorp, Inc., a bank holding company headquartered in Vernon,
New Jersey, serves the Northern New Jersey market through its
wholly-owned subsidiary, Highlands State Bank. At June 30, 2015,
Highlands Bancorp, Inc. had total assets of $298.8 million, total loans
of $262.7 million and total deposits of $253.1 million. Highlands State
Bank operates out of four (4) New Jersey branches located in Vernon,
Totowa, Sparta, and Denville. It also offers residential mortgages
through its wholly-owned mortgage banking subsidiary, Secure Lending
Solutions, Inc. For additional information, visit our Web site at www.highlandsstatebank.com.
Important Information
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities. The securities sold
have not been registered under the Securities Act of 1933, as amended,
or the securities laws of any other jurisdiction and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements under the Securities Act.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. These
forward-looking statements may be identified by words such as
“believes,” “expects,” “anticipates,” “should,” “seeks,” “future” or
similar expressions or by discussion of, among other things,
preservation of tax benefits, reductions in non-performing assets,
strategy, goals, plans or intentions. Various factors may cause actual
results to differ materially in the future from those reflected in
forward-looking statements contained in this press release, including
among others: (1) developments in financial markets and economic
conditions; (2) legislative and regulatory developments; and (3)
litigation.
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