Spirit of Texas Bancshares, Inc. the holding company for Spirit of Texas Bank, has announced that it has completed the issuance of USD 37 million worth of its fixed-to-floating rate subordinated notes due 2030, to certain institutional accredited investors and qualified institutional buyers in a private placement. The net proceeds from the transaction will be used by the company for general business purposes, payment of existing debts and potential future strategic opportunities. The notes will initially bear interest at a fixed annual rate of 6.00%, payable quarterly in arrears to, but excluding, July 31, 2025. From and including July 31, 2025, to, but excluding, the maturity date or earlier redemption date, the interest rate will reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be the then-current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York plus 592 basis points, payable quarterly in arrears.