In May 2017, First National Bancshares, Inc. (“FNBI”), bank holding company of First National Bank of America, completed the issuance of $13,000,000 of subordinated debt. High net worth and bank investors acquired the debentures in the offering. The proceeds of the offering will be used to retire related party borrowings and for other corporate purposes.
FIRST NATIONAL BANCSHARES, INC.
First National Bancshares, Inc. was incorporated in 1985 and is the registered bank holding company of First National Bank of America. The corporate offices are headquartered in East Lansing, Michigan. As of June 30, 2017, FNBI had total assets of $1.3 billion, gross loans of $1.2 billion, total deposits of $960.0 million, and total equity of $152.9 million.