First Keystone closes $32.5M 7.50% subordinated notes; to redeem $25M 2030 notes

FIRST KEYSTONE CORP

Issued $32.5M aggregate principal of 7.50% fixed-to-floating subordinated notes due Sept. 30, 2036, priced at 100% of face.
Fixed rate 7.50% until Sept. 30, 2031; then floating at Three-Month Term SOFR plus 277 bps, paid semi-annually then quarterly.
Proceeds intended to redeem the company's $25.0M subordinated notes due Dec. 31, 2030 and for general corporate purposes.
Notes intended to qualify as Tier 2 capital; unsecured and subordinated; cannot be redeemed before Sept. 30, 2031 except limited exceptions.
Performance Trust Capital Partners, LLC served as sole placement agent; notes sold privately under Section 4(a)(2) and Rule 506(b).

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