Valley Republic Bancorp announced that through a private placement completed the issuance of USD 20 million worth of fixed-to-floating rate subordinated notes due March 29, 2029 to certain institutional and private accredited investors. The notes were issued at a price equal to 100.0% of the principal amount, resulting in net proceeds of USD 19.6 million to the company. The net proceeds from the offering will be used by the company to support its growth and for general corporate purposes. The notes bear a fixed interest rate of 6.00% per annum until March 29, 2024, payable quarterly in arrears. From March 29, 2024, the notes will bear a floating rate of interest equal to 3-Month LIBOR + 3.52% until the notes mature on March 29, 2029, or such earlier redemption date, payable quarterly in arrears.