Item 1.01 Entry into a Material Definitive Agreement.

On March 2, 2023, Quaint Oak Bancorp, Inc. (the "Company") entered into a Subordinated Note Purchase Agreement (the "Purchase Agreement") with qualified institutional buyers under which the Company issued an aggregate of $12.0 million of fixed rate subordinated notes due March 15, 2025 (the "Notes") in a private placement.

The Notes bear interest at a fixed annual rate of 8.50%, payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2023. The Notes' maturity date is March 15, 2025. The Company is entitled to redeem the Notes, in whole or in part, on or after March 15, 2024, and to redeem the Notes at any time in whole upon certain other events, at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus any accrued and unpaid interest to, but excluding, the redemption date.

If certain events of default occur, such as the bankruptcy of the Company, the holder of a Note may declare the principal amount of the Note to be due and immediately payable. Except under such limited circumstances, there is no right of acceleration in the case of a default under the Purchase Agreement or the Notes. The Notes are unsecured obligations subordinate and junior in right of payment to all of the Company's existing and future senior indebtedness, whether secured or unsecured, including claims of depositors and general creditors, and rank equally in right of payment with any unsecured, subordinated indebtedness that is existing or the Company may incur in the future that rank equally with the Notes.

The Company expects to use the net proceeds from the sale of the Notes for general corporate purposes.

The Notes were offered and sold in reliance on the exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. Accordingly, the Notes were offered and sold exclusively to persons who are "qualified institutional buyers," as such term is defined in Rule 144A.



             PNC FIG Advisory, part of PNC Capital Markets LLC, served as

exclusive placement agent for the offering and sale of the Notes.

The foregoing descriptions of the Purchase Agreement and the Notes do not purport to be complete and are qualified in their entirety by reference to the forms of the Purchase Agreement and the Notes which are attached hereto as Exhibits 10.1 and 4.1, respectively, and are incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.




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Item 8.01 Other Events.

On March 2, 2023, the Company issued a press release regarding the offering of Notes. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits



(a)     Not applicable.

(b)     Not applicable.

(c)     Not applicable.

(d)    Exhibits.

    Exhibit No.   Description
    4.1             Form of Subordinated Note
    10.1            Form of Subordinated Note Purchase Agreement  *
    99.1            Press release dated March 2, 2023
    104           Cover Page Interactive Data File (embedded within the Inline XBRL
                  document)

___________________

* Exhibits have been omitted pursuant to Item 601(a)(5) of Registration S-K but the Company will provide them to the Securities and Exchange


    Commission upon request.





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