• SEC Filings

On September 14, 2017, County Bancorp, Inc. (the “Company”) entered into a credit agreement (the “Credit Agreement”) withU.S. Bank National Association(“U.S. Bank”) to which U.S. Bank committed, subject to the terms and conditions set forth in the Credit Agreement, to make a revolving loan to the Company in the aggregate principal amount of $15.0 million which matures on August 14, 2018 (the “Revolving Loan”). The proceeds of the Revolving Loan will be used to provide the Company with flexibility to draw funds as needed for general corporate purposes.

The Revolving Loan has an annual interest rate of 2.25% plus the one-month LIBOR rate. It also bears a non-usage fee of 0.275% per annum on the average daily unused commitment at the end of each fiscal quarter.

The Credit Agreement contains customary representations, warranties, covenants and events of default, including without limitation, financial covenants requiring that the Company, or Investors Community Bank, as applicable, maintain: (1) a Total Risk-Based Capital Ratio equal to or greater than 11.50%; (2) a ratio of Non-Performing Assets plus OREO to Tangible Primary Capital less than 18%; (3) a ratio of Loan Loss Reserves to Non-Performing Loans greater than 80%; (4) such capital as may be necessary to cause each of the Company and Investors Community Bank to be classified as a “well capitalized” institution under regulatory guidelines; and (5) a Fixed Charge Coverage Ratio greater than 1.25 to 1.00.

At any time after the occurrence of an event of default under the Credit Agreement, U.S. Bank may, among other options, terminate its commitment to make loans to the Company and declare any amounts outstanding under the Credit Agreement immediately due and payable.

The information provided in Item 1.10 is incorporated by reference herein.

(d)Exhibits

County Bancorp, Inc. Exhibit
EX-10.1 2 icbk-ex101_6.htm EX-10.1 FINAL CREDIT AGREEMENT icbk-ex101_6.htm Exhibit 10.1 CREDIT AGREEMENT by and between COUNTY BANCORP,…
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About COUNTY BANCORP, INC. (NASDAQ:ICBK)

County Bancorp, Inc. is a bank holding company. The Company’s primary activities consist of holding the stock of its subsidiary bank, Investors Community Bank (the Bank), and providing banking and related business activities through the Bank and its other subsidiaries. It operates in the community banking segment. The Bank is an independent community bank offering financial services focusing on the needs of agricultural businesses, with a primary focus on dairy-related lending with lending relationships in over 60 Wisconsin counties. It also serves business and retail customers throughout Wisconsin, but is focused on northeastern and central Wisconsin. Its customers are served from its service branches in Manitowoc and Stevens Point, and its loan production offices located in Darlington, Eau Claire, Fond du Lac, and Sheboygan. Its subsidiaries include Investors Insurance Services, LLC, County Bancorp Statutory Trust II, County Bancorp Statutory Trust III and County Acquisition LLC.