
Bank of Marin Completes $45M Subordinated Notes Placement

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Bank of Marin Bancorp completed a $45 million private placement of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2035, rated BBB- by Kroll Bond Rating Agency. The proceeds will be used for general corporate purposes, including repositioning its securities portfolio and supporting growth. Despite a $59 million after-tax negative adjustment to equity, the company expects $8.3 million in incremental pre-tax income and an annual EPS increase of $0.37. The most recent analyst rating on BMRC stock is a Buy with a $30.00 price target.
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