First Colebrook Bancorp, Inc. announces the refinance of its subordinated debt and the sale of a non-earning asset

COLEBROOK, N.H., July 3, 2017 /PRNewswire/ -- First Colebrook Bancorp, Inc. ("First Colebrook") (OTCQX: FCNH) announces the refinance of its subordinated debt and the sale of a non-earning asset. 

On June 30, 2017, First Colebrook refinanced and redeemed its subordinated note.  The subordinated note carried an interest rate of 7.99% and required interest to be paid quarterly until April 1, 2026 at which time the principal was due. 

First Colebrook repaid $1,000,000 of the principal from earnings and cash-on-hand and refinanced the remaining $4,000,000 through a loan which requires quarterly principal and interest payments.  The principal payments are based on a twelve year amortization.  The interest rate is fixed for the five year term of the note at 4.50%.

In a separate transaction, on June 29, 2017, First Colebrook sold property that it acquired as other real estate owned and that First Colebrook has marketed for some time.  This property is located in Groveton, New Hampshire and is expected to be utilized by the buyers to further economic growth in Coos County and surrounding areas.

First Colebrook Bancorp, Inc. is a bank holding company formed in 1984 and headquartered in Colebrook, New Hampshire.  Its wholly owned subsidiary, Granite Bank, was established in 1889.  Granite Bank operates four full service banking offices located in Colebrook, Concord, Amherst and Portsmouth, New Hampshire, along with a Loan Production Office located at Pease International Tradeport in Portsmouth, New Hampshire.

This press release may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of First Colebrook Bancorp, Inc. and Granite Bank.  For these statements, First Colebrook Bancorp, Inc. and Granite Bank claim the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Statements in this press release should be considered in conjunction with other information available about First Colebrook Bancorp, Inc. and Granite Bank, including the information in the filings we make to regulatory authorities.  Forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties.  We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will," and similar expressions in connection with any discussion of future operating or financial performance.  Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in First Colebrook Bancorp, Inc. and Granite Bank reports publicly issued.  Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this press release.  First Colebrook Bancorp, Inc. and Granite Bank do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statements to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Avis Brosseau  
[email protected]  
(603) 237-7016  

SOURCE First Colebrook Bancorp, Inc.