Tucker Ellis represented Performance Trust Capital Partners, LLC as placement agent in connection with the issuance of $15 million in 10-year fixed-to-floating rate subordinated notes by Attica, Ohio-based Sutton Bancshares, Inc., holding company for Sutton Bank. The subordinated debt is structured so that it qualifies as Tier 2 capital at the holding company. The 10-year notes will initially bear interest at 4.00% per annum through December 31, 2025 and thereafter pay a quarterly floating rate equal to Three Month Term SOFR plus 374 basis points. The company intends to use the funds for general corporate purposes, including contribution of capital to the bank to support organic growth and maintenance of bank level capital ratios.

Performance Trust has acted as placement agent for more than $1.2 billion of subordinated debt in more than 75 deals between January 1, 2019 and December 31, 2020.

Glenn Morrical led the Tucker Ellis team with assistance from Bob Loesch and Dan Schiau.