United Bancorp, Inc. announced that it has completed the private placement of $20 million in fixed-to-floating rate subordinated notes due 2029. The Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines, and the proceeds from the sale of the Notes will be utilized to support regulatory capital ratios and for general corporate purposes, including growth initiatives at Unified Bank. The Notes will initially bear interest at 6.00% per annum, beginning May 15, 2019 through May 14, 2024, payable semi-annually in arrears. From May 15, 2024 through May 14, 2029, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month LIBOR plus 362.5 basis points, payable quarterly in arrears. Beginning on May 15, 2024 through maturity, the Notes may be redeemed, at United Bancorp's option, on any scheduled interest payment date. The Notes will mature on May 15, 2029.