OP Bancorp Completes $25M Private Placement of Subordinated Notes

OP Bancorp has completed a private placement of $25 million fixed-to-floating rate subordinated note due 2035. The note bears a 7.50% fixed rate until November 2030 and a variable rate thereafter based on the SOFR plus 411 basis points. The net proceeds will be used for general corporate purposes, including strengthening the regulatory capital of the Bank and supporting its growth.