Oxford Bank Corporation announced a private placement of fixed-to-floating rate subordinated notes due 2031 to certain qualified institutional buyers and institutional accredited investors for gross proceeds of $16,000,000 on September 30, 2021. The notes will initially bear interest at 3.25% per year, payable semi-annually in arrears. Beginning October 1, 2026 through the maturity date or earlier redemption, the interest rate will reset quarterly based on the then current three-month term SOFR plus 245 basis points, payable quarterly in arrears. Also beginning on October 1, 2026 through maturity, the notes may be redeemed in whole or in part, at the company's option. The notes will mature on October 1, 2031. The company received funding from 11 investors pursuant to exemption provided under Regulation D. The minimum investment accepted from any outside investor was $100,000.