On August 25, 2020, Bank of Idaho Holding Company (OTCPK:BOID) announced that it has closed the transaction. The company issued 10,000,000 in aggregate principal amount of fixed-to-floating rate subordinated notes to certain qualified institutional accredited investors. The notes will initially bear a fixed interest rate of 5.75% per annum until September 15, 2025, after which time until maturity in August 31, 2030, or an earlier redemption date, the interest rate will reset quarterly to an annual floating rate equal to 90-day average SOFR plus 525 basis points. The company may redeem the notes, in whole or in part, after September 25, 2025. 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 company has received $10,000,000 from six investor pursuant to regulation D.