Tucker Ellis represented Boenning & Scattergood, Inc., the sole placement agent in a private placement of $15 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 issued by Richwood Bancshares, Inc. (the “Notes”) to select institutional buyers.

The Notes will initially bear interest at 3.75% per year, payable semi-annually in arrears. Beginning March 15, 2027 through the maturity date or earlier redemption, the interest rate will reset quarterly based on the then current Three-Month Term SOFR plus 215 basis points, payable quarterly in arrears. Beginning on March 15, 2027 through maturity, the Notes may be redeemed in whole or in part, at the Company’s option. The notes may be redeemed earlier upon the occurrence of certain events. The Notes will mature on March 15, 2032.

The Notes are structured to qualify as Tier 2 capital instruments for regulatory capital purposes. The Company intends to use the net proceeds from the sale of Notes for general corporate purposes, including but not limited to the extinguishment of its term loan facility.

The Tucker Ellis team consisted of Glenn Morrical, Kristen Baracy, and Sofia Skok, reflecting the teamwork of our Cleveland, Los Angeles, and Chicago offices.

Richwood Bancshares, Inc. is a financial holding company headquartered in Richwood, Ohio. Through its subsidiary, The Richwood Banking Company, the Bank offers a complete line of personal banking, business banking and wealth management, marketing, and payroll services to retail and commercial customers. Richwood Bank operates nine full-service bank branches in five Ohio counties and has served central Ohio for more than 150 years.

Boenning & Scattergood’s Investment Banking Group is a premier and trusted advisor in a wide variety of areas, including mergers & acquisitions as well as public and private offerings of equity and debt. In 2021, the group served as an M&A advisor on over $1.5 billion in aggregate transaction value and also acted as an underwriter or placement agent on capital offerings totaling over $4.0 billion in deal value. The Investment Banking practice has a proven track record managing deals of all sizes in multiple industries, while consistently ranking among the most active M&A advisors in the country (Source: S&P Capital IQ Pro).