RBAZ Bancorp, Inc. announced a private placement of fixed-to-floating rate subordinated notes for gross proceeds of $6,000,000 on June 10, 2021. The transaction included participation from certain institutional accredited investors. The notes will initially bear a fixed interest rate of 5% per annum until June 15, 2026, after which time until maturity on June 15, 2031, or an earlier redemption date, the interest rate will reset quarterly to an annual floating rate equal to 90-day average SOFR plus 425 basis points. The company may redeem the notes, in whole or in part, after June 15, 2026. Any redemption will be at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest. The notes are not subject to redemption at the option of the holders. The minimum investment accepted from any investor is $500,000. The company will issue securities pursuant to exemption provided under Regulation D.