Clifton, TN – PB Bancshares, Inc., (the “Company”), the holding company for Peoples Bank, completed a private placement offering of $8.25M in aggregate principal amount of 6.50% fixed-to-floating rate subordinated notes due 2032 (the “Notes”) to qualified institutional investors. The Company intends to use the net proceeds from this offering to support future growth and general corporate purposes. 

Brean Capital, LLC served as the Company’s exclusive Advisor and Sole Placement Agent in connection with this transaction.  Gerrish Smith Tuck, PC, Memphis, Tennessee served as the issuer’s Legal Counsel.

The Notes will initially bear an interest rate of 6.50% per annum from issue date to October 15, 2027, with interest payable semi-annually in arrears on April 15th and October 15th of each year. From October 15, 2027, to the stated maturity date or early redemption date, the interest rate will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then three-month term Secured Overnight Financing Rate (SOFR), plus a spread of 244 basis points, payable quarterly in arrears. The Notes are redeemable by the Company, in whole or in part, on or after October 15, 2027, and at any time upon the occurrence of certain events. The Notes have been structured to qualify as Tier 2 capital for the Company for regulatory capital purposes.

“We could not be more pleased with the success of our subordinated note offering given the current economic environment” stated J. Autry Gobbell, Chairman, President & CEO of Peoples Bank. “This capital is fundamental in executing our growth objectives while continuing to support our customers throughout the markets we serve.”

PB Bancshares, Inc. is the holding company for Peoples Bank. Founded in 1890, Peoples Bank has been committed to serving the communities and local businesses of southwest Tennessee. As of June 30, 2002, Peoples Bank had total assets of $286 million across its four full-service branch locations in southwest Tennessee. Additional information can be found at:

Brean Capital’s Investment Banking Group is dedicated to helping its clients achieve their strategic and financial goals. For more than 40 years, the Firm has specialized in providing capital raising, M&A and financial advisory services to middle market businesses. Throughout its history, Brean Capital has established a track record of providing its clients with deep market knowledge, commitment and experience to ensure a successful transaction. Additional information can be found at:

The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy any security, nor shall there be any sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

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Interested to learn more and see how Brean Capital can help your business? Contact the team below:

Managing Director
(212) 702-6614

Managing Director
(212) 655-4869

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