Alpine Banks of Colorado announced that it has completed the private placement of $50 million in fixed-to-floating rate subordinated notes due 2030 to certain qualified institutional buyers and institutional accredited investors. The Notes have been structured to qualify as Tier 2 capital at the Company level for regulatory purposes, and the Company intends that proceeds from the sale of the Notes will be utilized for general corporate purposes. The Notes will initially bear interest at a fixed rate of 5.875% per annum until June 15, 2025, payable semi-annually in arrears. For the remainder of the term or up to an earlier redemption date, the Notes, which mature on June 15, 2030, will bear an interest rate that will reset quarterly to an annual floating rate equal to the then-current three-month term Secured Overnight Financing Rate (SOFR) plus 569 basis points, payable quarterly in arrears. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after June 15, 2025, and to redeem the Notes at any time in whole upon certain other specified events.