North Shore Announces Closing of $20.0 Million Subordinated Note Upsize and Extension

DULUTH, MN / ACCESS Newswire / February 25, 2026 / North Shore Financial Corporation, holding company of North Shore Bank of Commerce, a family-owned community bank serving the Midwest region for over 110 years, today announced the successful closing of a subordinated debt offering with a syndicate of community bank partners. Proceeds from the transaction will be used to refinance existing debt and fund general corporate purposes.

Since its founding, North Shore Bank has remained under the stewardship of the same family, establishing a long-standing tradition of trusted, relationship-based banking services across the communities it serves.

“This successful transaction strengthens our capital foundation and positions us to continue serving our community’s evolving financial needs,” Fred Lewis, President of North Shore Financial Corporation, stated. “The additional financing provides the strategic flexibility to pursue organic growth through further expanding our growing commercial lending portfolio as well as our complimentary mortgage and trust divisions.”

This capital raise represents another milestone in the Company’s long-standing track record of growth and profitability.

“We appreciate the continued support of our new and existing institutional partners who recognize our consistent historical performance.” said Tim Johnson, CFO of North Shore Bank of Commerce. “This capital will further strengthen our balance sheet and provide ample capacity to fund future growth opportunities.”

Brean Capital, LLC served as the Company’s Exclusive Financial Advisor and Sole Placement Agent in connection with the transaction.

About North Shore Bank and Its Parent Holding Company North Shore Financial Corp.

North Shore Bank is a locally-owned and managed, independent, community bank that has been operating in the Duluth area for over 100 years. The bank proudly offers a full array of personal and business banking products, mortgage services, insurance services, and a full selection of trust and investment services, all handled by its experienced and professional staff. For additional information, visit https://northshore.bank/.

Contact:
Tim Johnson
Chief Financial Officer, North Shore Bank of Commerce
trjohnson@northshore.bank

SOURCE: North Shore Financial Corporation

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