UB Bancorp announced the completion of a $25.0 million private placement offering of subordinated notes on May 29, 2020. The notes are unsecured with a term of ten years, maturing on May 29, 2030. These notes bear an initial interest rate of 5.00% per annum, paying interest semi-annually in arrears on September 30th and March 30th. From May 30, 2025 through maturity, unless otherwise redeemed by the Company, the interest rate on the notes will reset quarterly and will be tied to three-month SOFR plus 464 basis points and will pay quarterly in arrears. The Company intends on using the proceeds from this private placement for general corporate purposes including enhancing the Bank’s capital position, supporting overall growth, and other strategic alternatives that the Board and management determine are in the best interest of the Company’s shareholders. Performance Trust Capital Partners, LLC served as sole placement agent and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP served as the Company’s legal counsel for this offering.