Redwood Capital Bancorp (OTCPK:RWCB) announced a private placement of 10-year fixed-to-floating rate subordinated notes for gross proceeds of $9,000,000 on September 25, 2019. The notes will initially bear interest at 5.25% per annum through September 25, 2024, and thereafter pay an annual floating rate equal to three-month LIBOR plus 312 basis points. The notes will become due in September 2029.