Victory Bancorp, Inc. announced that it has completed the private placement of $10 million in fixed-to-floating rate subordinated notes due June 30, 2030 to institutional accredited investors. Victory Bancorp intends to use the net proceeds from this placement for retirement of existing debt, support organic growth, and for general corporate purposes. The Notes have been structured to qualify as Tier 2 capital for the company for regulatory purposes and will bear interest at a fixed rate of 6.25% per annum until June 30, 2025. For the remainder of the term, the subordinated notes, which mature on June 30, 2030, will bear interest at a rate equal to 3-month Secured Overnight Financing Rate plus 613 basis points. The subordinated notes are redeemable by the company at its option, in whole or in part, on or after June 30, 2025, or in whole or in part from time to time under certain other circumstances.