Core Viewpoint - First Commerce Bancorp, Inc. successfully completed a private placement of a $40 million subordinated note with a fixed-to-floating interest rate structure, aimed at enhancing its capital position and supporting growth strategies [1][4]. Group 1: Financial Details - The subordinated note has an initial fixed interest rate of 7.75%, payable semi-annually until December 30, 2030, after which it will reset quarterly to the three-month SOFR rate plus 432 basis points [2]. - The note is due on December 30, 2035, and can be redeemed at the company's option starting December 30, 2030, subject to regulatory approval [2]. - The proceeds from the offering will be used for general corporate purposes, contributing to the company's Tier 2 capital for regulatory requirements [3]. Group 2: Management Commentary - President & CEO Donald Mindiak expressed satisfaction with the successful completion of the subordinated debt offering, highlighting its importance for supporting strategic growth and optimizing the balance sheet [4]. - Mindiak noted that the capital raised will enhance the company's capital allocation strategies and enable it to better serve its communities [4]. Group 3: Company Overview - First Commerce Bancorp, Inc. is headquartered in Lakewood, New Jersey, and operates through its wholly owned subsidiary, First Commerce Bank, providing a range of banking services across multiple locations in New Jersey [7].