Grand River Commerce, Inc. (OTCPK:GNRV) announced a private placement of 10-year fixed-to-floating rate subordinated notes for gross proceeds of $8.25 million on October 2, 2020. The notes will initially bear interest at 5.50% per annum to but excluding December 31, 2025 and thereafter pay a semi-annual floating rate equal to 90-day average SOFR plus 538 basis points. The minimum investment accepted from any outside investor is $100,000. The company has raised funding pursuant to exemption provided under Regulation D from 15 investors.