Keweenaw Financial Corporation (OTCPK:KEFI) announced private placement of 4% fixed-to-floating rate subordinated notes due March 26, 2031 for gross proceeds of $15,000,000 in a round of funding on March 26, 2021. The transaction included participation from 32 investors. The notes were issued at par. The notes will initially bear a fixed interest rate of 4% for five years, after which time until maturity on March 26, 2031, the interest rate will reset quarterly to an annual floating rate equal to the three-month term SOFR, plus a spread of 325 basis points. The notes are redeemable by the company at its option, in whole or in part, on or after March 26, 2026. The company will issue securities pursuant to exemption provided under Regulation D. Minimum investment accepted from any outside investor is $1,000.