The Miyazaki Taiyo Bank, Ltd announced a private placement of 600,000 first Class B preferred stock at an issue price of ¥10,000 per share for gross proceeds of ¥6,000,000,000 on March 1, 2022. The transaction has been approved by board of directors. The transaction is expected to close on March 31, 2022.

The shares are non-cumulative and non-participation. The company is raising funding through third party allotment. The company will pay issuance expenses of ¥44,000,000.