Malvern Bancorp, Inc. (NASDAQ:MLVF) insider has lately joined an insider trading activity. Director, SCARTOZZI STEPHEN P bought 200 shares for $4,140 via through transaction Feb 22. Following the transaction, the insider now holds 4,140 shares in the company, priced at $85491 as of Monday. Additional notable insider trading was performed by the same insider on Feb 21. SCARTOZZI STEPHEN P acquired 226 shares with $20.77 as the average price of common stock. That amounts to $4,694 in total. Apart from this, this insider carried out a sale of 300 shares at $20.65 per share on Feb 17. The transaction was worth $6,195. Director STEINMETZ GEORGE E bought 200 shares for $4,140 via one transaction Mar 10. Following this sale, this insider’s ownership comprises 400 shares, priced at $8260 as of Monday.
The stock has seen a count of 0 insider trades in the past 3 months. These transactions include 0 sell trades and 0 buy activities. Furthermore, over the past 12 months, insider traded the stock on 0 occasions. In 0 instances, an employee was a seller while the insider of the company was the buyer in just 0 times.
Malvern Bancorp, Inc. (MLVF) on February 8, 2017 announced that it has completed a private placement of $25.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”) to certain institutional investors. The Notes are non-callable for five years, have a stated maturity of February 15, 2027, and bear interest at a fixed rate of 6.125% per year, from and including February 7, 2017 to, but excluding February 15, 2022. From and including February 15, 2022 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month LIBOR rate plus 414.5 basis points.
The Notes have been structured to qualify for the Company as Tier 2 capital under regulatory guidelines. The Company plans to use the net proceeds for general corporate purposes including, but not limited to, contributing capital to the Bank and to fund future growth. The Notes were assigned an investment grade rating of BBB- by Kroll Bond Rating Agency.
Sandler O’Neill + Partners, L.P. served as the placement agent for the private offering.
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. The Company has agreed to exchange the privately placed Notes for registered notes having substantially the same terms, and to file a registration statement with the Securities and Exchange Commission in connection therewith.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and will not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.