Avidbank issues $30M subordinated notes; retires $22M of 2029 notes

Avidbank Holdings, Inc.

$30M private placement of 7.00% fixed-to-floating subordinated notes due 2036; fixed for 5 yrs then 3-mo SOFR+291bps.
Redeemable at Company option on/after 9/1/2031; qualifies as Tier 2 capital.
Proceeds used to repurchase $18M of 5% 2029 notes at ~$18.2M incl. accrued interest; $4M redeemed 9/30/2026.
Piper Sandler sole placement agent; notes sold in unregistered private placement.

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