Carolina Trust BancShares, Inc. announced the completion of a private placement of $10.0 million in aggregate principal amount of fixed­-to­-floating rate subordinated notes to certain institutional accredited investors. Unless earlier redeemed, the notes will mature on October 15, 2026. The notes bear interest at a fixed rate of 6.900% for the first five years, and thereafter will bear a floating interest rate equal to three-month LIBOR plus 571.8 basis points. The company intends to use the net proceeds from the sale of the notes for general corporate purposes, investment in its bank subsidiary, and, subject to regulatory approval, to redeem the remaining $2.58 million of outstanding preferred securities of the bank. The bank’s preferred securities were originally issued as part of the U.S. Treasury’s TARP Capital Purchase Program. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.