OP Bancorp closes $25M 7.50% fixed-to-floating subordinated note due 2035

OP Bancorp

$25M principal, maturity Nov 15, 2035; fixed 7.50% for 5 years then SOFR+411bps.
Proceeds to strengthen Open Bank's regulatory capital and support growth.
Note qualifies as Tier 2 capital; redeemable after Nov 15, 2030 subject to regulatory approval.
Raymond James & Associates acted as sole placement agent.

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