On October 1, 2020, First Ottawa Bancshares, Inc. (OTCPK:FOTB) closed the transaction. The company received $8,050,000 in its second and final tranche, bringing the total funding received in the transaction to $24,300,000. The company issued fixed- to floating-rate subordinated notes due September 2030 to certain accredited investors. The notes will initially bear interest at 5.50% per annum, from and including the closing date to but excluding Sept. 15, 2025, or earlier redemption date, payable semiannually in arrears. From and including Sept. 15, 2025, to but excluding the maturity date or earlier redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then-current three-month secured overnight financing rate plus a spread of 538 basis points, payable quarterly in arrears. In the event the three-month Sofr is less than zero, the three-month Sofr shall be deemed to be zero. If the three-month Sofr cannot be determined on a given date, a different index shall be determined and used in accordance with the terms of the notes. The company may redeem the notes, in whole or in part, at its option, on or after Sept. 15, 2025, or prior to such date under certain limited circumstances. The notes will mature in September 2030.