On May 24, 2021, Chino Commercial Bancorp (OTCPK:CCBC) closed the transaction. The company announced a private placement of 4.250% Fixed to Floating Rate Subordinated Notes due 2031 for gross proceeds of $10 million . The transaction included participation from certain qualified institutional buyers and accredited investors. The notes have a maturity date of June 1, 2031 and carry a fixed rate of interest of 4.250% for the first five years. Thereafter, the Notes will pay interest at 3-month SOFR plus 356 basis points, resetting quarterly. The Notes include a right of prepayment without penalty on or after June 1, 2026. The Notes have been structured to qualify as Tier 2 capital for regulatory purposes.