Quaint Oak Bancorp completes $8M debt offering
Southampton, Pa.-based Quaint Oak Bancorp Inc. on Dec. 27 completed the private offering of $8.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due Dec. 31, 2028, to qualified institutional buyers and institutional accredited investors.
For regulatory purposes, the notes have been structured to qualify as tier 2 capital for the company.
The notes will bear interest at 6.50% annually, payable quarterly in arrears, until Dec. 31, 2023. The interest r...