First Community Financial Partners, Inc., the holding company of First Community Financial Bank, announced that it redeemed all of the company’s $4.1 million of 8% Series A Convertible Subordinated Debt and $10.0 million of 9% Subordinated Debt on June 30, 2015.  The company used the proceeds from two credit facilities discussed below to fund the redemption of the subordinated debt. Based on the current interest rate on the credit facilities, the company expects to realize a savings of $882,000 in annual interest expense.

The company entered into an agreement with MB Financial Bank, N.A. for two credit facilities.  The credit gacilities include a $4.0 million revolving line of credit and a $10.1 million term loan. The revolving line matures in 2020 and the term loan matures in 2021.  The credit facilities have an annual interest rate of 2.25% plus the thirty day LIBOR rate, which is currently 2.436%.  The credit facilities are collateralized by the company’s ownership of stock in its wholly-owned subsidiary, the Bank.

First Community Financial Partners, Inc., headquartered in Joliet, Illinois, is a bank holding company whose common stock trades on the OTCQB marketplace. First Community Financial Partners has one bank subsidiary, First Community Financial Bank. First Community Financial Bank, based in Plainfield, Illinois, is a wholly owned banking subsidiary of First Community Financial Partners, with locations in Joliet, Plainfield, Homer Glen, Channahon, Naperville and Burr Ridge, Illinois.