First Bancorp of Indiana, Inc. announced the completion of its private placement with certain qualified institutional buyers and accredited investors for purchase of 3.50% fixed-to-floating rate subordinated notes for gross proceeds of $6 million and 4% fixed-to-floating rate subordinated notes for gross proceeds of $6 million; for an aggregate amount of $12 million on January 25, 2022. The notes carry a fixed annual rate of 3.5%, payable semi-annually in arrears, for the first five years of the term and will reset quarterly thereafter to three-month SOFR rate plus 212 basis points, due 2032. The notes carry a fixed annual rate of 4%, payable semi-annually in arrears, for the first ten years of the term and will reset quarterly thereafter to three-month SOFR rate plus 244 basis points, due 2037. The transaction was oversubscribed. The minimum investment accepted from any outside investor is $100,000. The company received funding pursuant to regulation D from 17 investors.