White River Bancshares Company announced that it has completed the private placement of $11 million in fixed-to-floating rate subordinated notes due December 31, 2029 (the “Notes”) to institutional accredited investors. White River intends to use the net proceeds from this placement to replace 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 5.875% per annum until December 31, 2024. For the remainder of the term, the subordinated notes, which mature on December 31, 2029, will bear interest at a rate equal to 3-month Secured Overnight Financing Rate (“SOFR”) plus 442 basis points. The subordinated notes are redeemable by the Company at its option, in whole or in part, on or after December 31, 2024, or in whole but not in part under certain other circumstances.