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NEWS RELEASE - Monday, May 17, 2021

Concentra Bank Completes $250 Million Deposit Note Issue


Saskatchewan, May 17, 2021—Concentra Bank ("Concentra" or the "Bank") today announced the closing of an offering of $250 million fixed rate deposit notes (the "Notes") in the debt capital markets to a broad group of investors. The Notes will mature on May 17, 2024 and will bear interest at a fixed rate equal to 1.462%, which represents a spread of 93bps over comparable term Government of Canada bonds. 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 Morningstar on Concentra's deposits, including the Notes, and senior debt is A (low) with a negative 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.

"This successful issuance is a sign of institutional investors' faith in both Concentra Bank's performance as a financial institution and our sound growth strategy," said Paul Masterson, SVP and Chief Financial Officer. "We are building a digital bank that delivers ongoing value to our employees, owners and customers."

TD Securities Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. acted as joint Leads and Bookrunners for the offering while National Bank Financial Inc., RBC Dominion Securities Inc. and Scotia Capital Inc. acted as co-managers for the offering.

 

About Concentra Bank

Concentra Bank collaborates with fintechs and credit unions to offer Canadians mortgages, savings products, specialty banking products, commercial lending and leasing solutions, and more. With a Schedule I bank licence and a federally regulated trust licence, we are the leading provider of wholesale banking and trust solutions to Canadian credit unions.

Media Relations:
Deborah Chatterton
Director, Communications
P: 778.227.1544
E: deborah.chatterton@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.