Quaint Oak Bancorp issues $2.0M of 8.5% subordinated notes due 2025

QUAINT OAK BANCORP, INC.

Issued $2.0M aggregate principal of fixed-rate subordinated notes due March 15, 2025.
Notes bear 8.50% annual interest, payable semi-annually on March 15 and September 15.
Notes are unsecured and subordinated to senior debt, including depositor claims.
Net proceeds from the private placement will be used for general corporate purposes.
Notes sold to accredited investors in reliance on Rule 506(b) of Regulation D.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

QUAINT OAK BANCORP, INC. entered into Subscription Agreement with accredited investors valued at $2.0 million (effective 2023-03-15).

Action: entry
Agreement: notes offering
Counterparty: accredited investors
Value: $2.0 million
Effective: 2023-03-15

Exact text from the filing

On March 15, 2023, Quaint Oak Bancorp, Inc. (the “Company”) entered into a Subscription Agreement (the “Subscription Agreement”) with accredited investors under which the Company issued an aggregate of $2.0 million of fixed rate subordinated notes due March 15, 2025 (the “Notes”) in a private placement.

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QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-23-000023

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