On February 2, 2021, First Bancshares Inc. (Bellevue, OH) (OTCPK:FIBH) closed the transaction. The company issued $8,000,000 aggregate principal amount of its 4.625% fixed to-floating rate subordinated notes due February 15, 2031 in the transaction. Interest on the notes will accrue at a rate equal to (i) 4.625% per annum from the original issue date to, but excluding, February 15, 2026, payable semi-annually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be the three-month term SOFR, plus a spread of 432 basis points from and including February 15, 2026 until maturity, payable quarterly in arrears. Beginning on February 15, 2026 through maturity, the notes may be redeemed, at the company’s option, on any scheduled interest payment date. Any redemption will be at a redemption price equal to 100% of the principal amount of notes being redeemed, plus accrued and unpaid interest. The transaction included participation from 17 accredited investors.