Partner/Client Login

Username:
Password:

News Item

2018 |2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009

SYSTEM RELEASE - Wednesday, November 7, 2018

Concentra Bank Completes $150 Million Deposit Note Issue


Saskatchewan, November 7, 2018 – Concentra Bank ("Concentra" or the "Bank") today announced the closing of an offering of $150 million floating rate deposit notes due 2020 (the "Notes") in the debt capital markets to a broad group of investors. The Notes will mature on May 7, 2020 and will bear interest at a floating rate equal to 3-month CDOR plus 60 basis points, reset quarterly. The Notes will rank equally and ratably with all present and future unsecured and unsubordinated liabilities of Concentra and are not eligible for CDIC insurance. The current rating assigned by DBRS Limited on Concentra's deposits, including the Notes, and senior debt is "A (low)" with a Stable trend.

The issuance of the Notes is consistent with the Bank's strategy to diversify its funding sources and enable the growth of the Bank.

"The success of this issuance is due to broad acceptance from the institutional investor base and reflects the rising awareness of Concentra Bank in the capital markets," said Paul Masterson, EVP and Chief Financial Officer. "This transaction highlights our commitment to strengthen the franchise and deliver greater value to our employees, owners, and customers."

About Concentra Bank

Concentra Bank is a purpose-based organization, striving to enable the success of Canadians. As an innovative and future-focused company, we form partnerships to deliver industry-best financial solutions to our customers. We offer a wide range of financial solutions including specialized banking, consumer finance, treasury, wealth/trust services and more. 

The Bank currently has over $35 billion in assets under administration, and $9 billion in total assets.

www.concentra.ca

Media Relations:
Tracy Laschilier
Communications
P: 306-956-4952
E: tracy.laschilier@concentra.ca


This press release does not constitute an offer to sell or the solicitation of any offer to buy securities in any province, state or jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or delivered, directly or indirectly, or sold in the United States absent an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.