Fidelity Federal Bancorp announced a private placement of 4.5% fixed-to-floating rate subordinated notes due 2031 for gross proceeds of $35,000,000 on March 22, 2021. The subordinated notes will bear interest at 4.5% per annum for five years and then the interest rate will reset quarterly at the three-month secured overnight financing rate plus 384 basis points, payable quarterly in arrears for the remaining five years. Unless redeemed earlier, the notes will mature on March 30, 2031. The company may redeem the notes at its option beginning on March 30, 2026, and each interest date thereafter. The company originally planned on raising $20,000,000 but the amount was up sized to $35,000,000 due to investor demand.