The Board of Directors of Lyons Bancorp, Inc., the parent company of The Lyons National Bank, has authorized the issuance of up to $15 million, seven-year fixed rate subordinated promissory notes to accredited investors. The notes will pay an interest rate of 4.25% through December 31, 2025, then 4.75% through December 31, 2026, and then 5.25% through December 31, 2027. The company reserves the right to redeem the notes any time on or after December 31, 2025.
An accredited investor is defined as an individual whose net worth, excluding the fair market value of the individual’s primary residence, exceeds $1 million or an individual who had income in excess of $200,000 in each of the two most recent years ($300,000 if joint) and has reasonable expectations of reaching the same income level in the current year.
The notes are unsecured obligations of Lyons Bancorp, Inc., are not deposits nor insured by the FDIC. For more information, accredited investors should call Robert A. Schick at (315) 946-8260 or Carol Snook at (315) 781-5007.
Lyons Bancorp, Inc. is the financial holding company for The Lyons National Bank. The Lyons National Bank is a community bank with offices in Lyons, Clyde, Macedon, Newark, Ontario and Wolcott in Wayne County; Jordan in Onondaga County; Canandaigua, Farmington and Geneva in Ontario County; Penn Yan in Yates County; Waterloo in Seneca County; Perinton in Monroe County; and Auburn in Cayuga County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.