VERNON, N.J.--(BUSINESS WIRE)--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.
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