Meridian Corporation announced that it has entered into a subordinated note purchase agreement for the private placement of fixed rate subordinated notes due September 22, 2033 for gross proceeds of $9,740,000 on September 22, 2023. The transaction included participation from accredited investors. The notes bear interest at a fixed annual rate of 8.00%, payable semi-annually in arrears on February 15th and August 15th of each year, beginning February 15, 2024.

The maturity date is September 22, 2033. The company is entitled to redeem the subordinated notes, in whole or in part, on or after August 15, 2028, and to redeem the notes at any time in whole upon certain other events, at a redemption price equal to 100% of the outstanding principal amount of the notes to be redeemed plus any accrued and unpaid interest to, but excluding, the redemption date. were offered and sold in reliance on the exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder.

Accordingly, the notes were offered and sold exclusively to persons who are ?accredited investors? within the meaning of Rule 501(a) of Regulation D.