KNOXVILLE, TN — April 13, 2018 — Mountain Commerce Bancorp, Inc. (OTCQX: MCBI), the Knoxville, Tennessee-based bank holding company and parent of Mountain Commerce Bank (MCB) announced today that it had refinanced its existing senior-secured revolving credit facility. The existing loan was amended to increase the maximum principal amount that MCBI may borrow under the facility from $10 million to $16 million. The maturity date was also extended to April 10, 2023.
Pursuant to the terms of the loan agreement, as amended, MCBI is required to pay interest only on outstanding borrowings until October 10, 2019, at which point the principal amount then outstanding under the facility will be amortized on an 8.5 year amortization schedule with principal payments due quarterly until the maturity date – when all outstanding principal and unpaid interest is due in full. Interest accrues on the outstanding principal amount borrowed under the facility at a per annum rate equal to the greater of (i) the Prime Rate in effect from time to time minus .50 percent (50 bps); or (ii) a floor rate of 3.25 percent (3.25%).
MCBI’s obligations under the revolving credit facility are secured by a pledge of 100% of the stock of MCB.
About Mountain Commerce Bancorp and its subsidiary Mountain Commerce Bank
Mountain Commerce Bancorp, Inc. is a bank holding company and the parent of Mountain Commerce Bank (MCB).
MCB is a state-chartered, FDIC-insured, century-old, privately held financial services institution headquartered in Knoxville, Tennessee and serving East Tennessee. Through Hometown Service and Smart Technology, MCB offers big bank products and services, with the personal attention and exceptional service of a hometown community bank.
At the end of March 2018, MCB had $782.8 million in total assets and $696.2 million in total deposits. MCB currently employs more than 80 individuals at five branches and one operations office. For more information, visit us at www.mcb.com or check your account any time at 1-866-MCB-1910. MCB is an equal opportunity employer.