American Riviera Bancorp announced a private placement of fixed-floating rate subordinated notes due March 1, 2023 for gross proceeds of $18,000,000 on February 28, 2022. The transaction included participation from certain qualified buyers and accredited investors. The notes will carry a fixed interest rate of 3.75% per annum until March 1, 2027, thereafter the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month SOFR plus 212 basis points. The notes are redeemable by the company at its option, in whole or in part, on any interest payment date on or after March 1, 2027, or at any time, in whole or in part, upon certain other specified events prior to the Notes’ maturity on March 1, 2032.