KNOXVILLE, Tenn., Aug. 8, 2022 /PRNewswire/ — Mountain Commerce Bancorp, Inc. (the “Firm”) (OTCQX: MCBI), the holding firm for Mountain Commerce Financial institution (the “Financial institution”), at the moment introduced that it established a senior revolving line of credit score within the most quantity of $20 million with a monetary establishment.  This line of credit score replaces the prevailing senior time period mortgage with a present steadiness of $10 million that was as a consequence of mature on April 10, 2023.

Pursuant to the phrases of the mortgage and safety settlement, the road of credit score will mature on August 1, 2025 and bear curiosity at a every year charge equal to the Prime Price in impact on occasion minus .50 p.c (50 bps), topic to a ground charge of three.50%.  Curiosity solely funds on the road of credit score are due quarterly, with remaining principal quantities due at maturity.  A non-use charge of .10 p.c (10 bps) will likely be assessed if the principal quantity declines under $10 million.  The Firm’s obligations below the road of credit score are secured by a pledge of 100% of the inventory of the Financial institution and are topic to phrases and covenants just like the prevailing senior time period mortgage.  The Firm intends to make use of the out there steadiness of the road of credit score to help the operations of the Financial institution and for basic company functions.

About Mountain Commerce Financial institution

Mountain Commerce Financial institution is a state-chartered monetary establishment headquartered in Knoxville, TN. The Financial institution traces its historical past again over a century and serves Center and East Tennessee by means of 6 branches situated in Brentwood, Erwin, Johnson Metropolis, Knoxville and Unicoi.  The Financial institution focuses on responsive relationship banking of small and medium-sized companies, professionals, prosperous people, and those that worth the private service and a spotlight that solely a group financial institution can supply.  For additional info, please go to us at www.mcb.com.

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SOURCE Mountain Commerce Bancorp, Inc.