On September 7, 2023, Grand River Commerce, Inc. closed the transaction. The company issued 3-year convertible fixed-rate subordinated notes. The subordinated notes may be converted to common stock at the option of the holders of the notes, in their sole discretion, any time prior to the maturity of the notes.

The 3-year notes will bear interest at 9% per annum until the maturity date of September 1, 2026, or the earlier redemption or conversion of the notes. The transaction included participation from 15 investors.