Oconee Financial Corporation has completed the private placement of $10 million in fixed-to-floating rate subordinated notes due August 7, 2030 to institutional accredited investors. Oconee Financial Corporation intends to use the net proceeds from this placement to support organic growth, and for general corporate purposes. The Notes have been structured to qualify as Tier 2 capital for the Company for regulatory purposes and will bear interest at a fixed rate of 6.00% per annum until August 7, 2025. For the remainder of the term, the subordinated notes, which mature on August 7, 2030, will bear interest at a rate equal to 3-month Secured Overnight Financing Rate ("SOFR") plus 596 basis points. The subordinated notes are redeemable by the Company at its option, in whole or in part, on or after August 7, 2025, or in whole or in part from time to time under certain other circumstances.