04:49 PM EDT, 06/18/2025 (MT Newswires) -- First Bank (FRBA) said Wednesday that it closed a $35 million private placement of fixed-to-floating rate subordinated notes.

Proceeds from the private placement will be used to redeem $30 million of outstanding subordinated notes and for general corporate purposes, according to the company.

The subordinated notes mature June 30, 2035, and have a fixed rate of 7.125% for the first five years, First Bank added.

After five years, the notes will have a floating rate equal to the then-current three-month Secured Overnight Financing Rate plus 343 basis points, the company said.