CW Bancorp (OTCPK:CWBK) announced a private placement of 3.75% fixed-to-floating rate subordinated notes for gross proceeds of$32.5 million on March 12, 2021. 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 issued securities in the transaction pursuant to Regulation D. The company paid $487,500 as sale commission in this transaction.