Southern National Bancorp of Virginia, Inc. (NasdaqGM:SONA) announced a private placement of fixed-to-floating rate subordinated notes due 2027 for gross proceeds of $27,000,000 on January 20, 2017. The transaction included participation from nine investors. The notes carry fixed interest rate of 5.875% per annum until January 31, 2022 and thereafter the notes carry an annual floating rate equal to three month LIBOR plus a spread of 3.95% until maturity or early redemption. The minimum investment accepted from any outside investor is $500,000.