SEVIERVILLE, Tenn., Nov. 10, 2003 (PRIMEZONE) -- On November 7, 2003, Mountain National Bancshares, Inc., (OTCBB:MNBT) Sevierville, Tennessee (the "Company"), through its newly-formed wholly owned statutory trust subsidiary, MNB Capital Trust I, completed the sale of $5,500,000 of floating rate trust preferred securities ("Capital Securities") having a maturity date of December 31, 2033 and a liquidation value of $50,000 per Capital Security. Interest on the Capital Securities is to be paid quarterly on the last day of each March, June, September, and December and is reset quarterly based on the 3 month LIBOR plus 305 basis points at the end of the preceding quarter. The Company intends to use the net proceeds from the offering to pay off an outstanding line of credit.
The Bankers Bank and BankersBanc Capital Corporation, both of Atlanta, Georgia, acted as placement agents in this offering.
Mountain National Bancshares, Inc. is the parent company of Mountain National Bank, with consolidated total assets of approximately $212 million.
Under the Private Securities Litigation Reform Act of 1995, certain of the statements contained in this press release regarding Mountain National Bancshares, Inc.'s business and financial performance may constitute "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the section entitled "Forward-Looking Statements" under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-KSB for the most recently ended fiscal year, which is incorporated herein by reference.
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