PBCO Financial Corporation announced a private placement of subordinated notes for gross proceeds of $25 million on March 11, 2022. The notes carry a fixed-to-floating rate, a fixed rate of 3.875% until March 15, 2027. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month SOFR plus 242 basis points. The notes are redeemable by the company at its option, in whole or in part, on any interest payment date on or after March 15, 2027, or at any time, in whole or in part, upon certain other specified events prior to the notes’ maturity on March 15, 2032.