On June 23, 2021, Southern BancShares (N.C.), Inc. (OTCPK:SBNC) closed the transaction. The company issued 3.125% fixed to floating rate subordinated notes due 2031 for gross proceeds of $80,000,000. The transaction includes participation from overall 37 investors including qualified institutional buyers and accredited investors. The notes bear interest of 3.125% until June 30, 2026, payable semi-annually in arrears, the notes will bear interest at a floating rate equal to the three month term SOFR plus 241 basis points, payable quarterly in arrears. The company may redeem the notes in whole or in part, beginning on June 30, 2026, at a redemption price equal to 100% of the principal amount of the notes.