Highlands Bancorp, Inc. Announces Completion of $5.0 million Subordinated Debt Investment

Business Wire

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

Highlands Bancorp, Inc. (HSBK) parent company of Highlands State Bank is pleased to announce the completion of a $5.0 million private placement of subordinated debt. The Company plans to use the capital for strategic growth purposes and to supplement the Bank’s regulatory capital levels.

“We are thrilled to announce the completion of the Company’s private placement. Highlands is one of the first community banks to successfully access the debt markets, which we believe is a testament to the outstanding efforts of all individuals associated with our Company. The additional capital will allow us to execute on our long-term strategic plan and continue to serve our customers and communities in the Northern New Jersey Region,” said George E. Irwin, 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 March 31, 2014, Highlands Bancorp, Inc. had total assets of $223.6 million, total loans of $195.6 million and total deposits of $203.8 million. For additional information, visit our Web site at www.highlandsstatebank.com.

Important Information

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. The securities sold have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “should,” “seeks,” “future” or similar expressions or by discussion of, among other things, preservation of tax benefits, reductions in non-performing assets, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this press release, including among others: (1) developments in financial markets and economic conditions; (2) legislative and regulatory developments; and (3) litigation.

Contact:
Highlands Bancorp, Inc.
George E. Irwin, 973-764-3200
View Comments (0)