Oregon Pacific Bancorp announced that it has completed a private placement of fixed-to-floating rate subordinated notes for the gross proceeds of $15 million to certain qualified institutional buyers and accredited investors on September 29, 2021. The Notes will initially bear interest at 3.375% per annum payable semi-annually until September 30, 2026, and thereafter pay a quarterly floating interest rate based on the then current Three-Month Term Secured Overnight Financing Rate (SOFR) plus 266 basis points, payable quarterly in arrears. Beginning on September 30, 2026, the Notes may be redeemed, in whole or in part, at the Company’s option. The Notes will mature on September 30, 2031. The company received funding from 18 investors pursuant to exemption provided under Regulation D. The minimum investment accepted from any outside investor was $100,000.