Civista Bancshares, Inc. announced the completion of a private placement of $75 million in aggregate principal amount of its 3.25% fixed-to-floating rate subordinated notes due 2031. The Notes will initially bear interest at a rate of 3.25% per annum from November 30, 2021, to December 1, 2026, with interest during this period payable semi-annually in arrears. From December 1, 2026, to the stated maturity date (December 1, 2031) or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the then-current benchmark rate, which will initially be the three-month Secured Overnight Financing Rate (SOFR) plus 219 basis points, with interest during such period payable quarterly in arrears. The Notes are redeemable by the company, in whole or in part, on or after December 1, 2026, and at any time upon the occurrence of certain events. The Notes are not subject to redemption at the option of the holders. The Notes have been structured to qualify as Tier 2 capital of the company for regulatory capital purposes. The company intends to use the net proceeds of the private placement offering for general corporate purposes, which may include organic growth, share repurchases and strategic initiatives, such as acquisitions. Piper Sandler & Co., Keefe, Bruyette & Woods, Inc., D. A. Davidson & Co., and Boenning & Scattergood, Inc. acted as placement agents for the Notes offering.? Vorys, Sater, Seymour and Pease LLP served as legal counsel to the company.