CW BANCORP announced the closing of its private placement of $32.5 million aggregate principal amount 3.75% Fixed-to-Floating Rate Subordinated Notes (the “Notes”). The Notes will mature on April 1, 2031 and will initially bear interest at a rate equal to 3.75% per annum from and including March 12, 2021 to, but excluding, April 1, 2026, payable semiannually in arrears. Thereafter, the Notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term Secured Overnight Financing Rate, plus a spread of 307 basis points, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds from this offering for general corporate purposes, the maintenance of required regulatory capital at the Bank, and to support the Company’s and Bank’s future growth.