On June 29, 2020, The Victory Bancorp, Inc. (OTCPK:VTYB) closed the transaction. The company issued fixed-to-floating rate subordinated notes to institutional accredited investors in the transaction. The notes become due on June 30, 2030. The notes will bear interest at a fixed rate of 6.25% per annum until June 30, 2025 and for the remainder part, it 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. The company received funding from 13 investors pursuant to Regulation D