CIB Marine Bancshares, Inc. has completed the issuance of $10 million in 10-year fixed-to-floating rate subordinated notes. The subordinated debt is structured such that it qualifies as Tier 2 capital at the Company. The 10-year notes bear interest at 4.50% per annum through February 18, 2027, and thereafter pay a quarterly floating rate equal to the Three-Month Term SOFR plus 275 basis points.

The purpose of the debt offering is primarily to support future redemptions of the Company's preferred stock, as outlined in its recently amended and restated Articles of Incorporation, and future needs of the Company and its wholly-owned bank subsidiary, CIBM Bank (the “Bank”).