Catskill Hudson Bancorp Inc. closed a private placement of $11 million of subordinated notes. The 10-year note, which is structured as a fixed-to-floating rate note, will incur quarterly interest. The company plans to use the net proceeds to redeem its Small Business Lending Fund notes, which it issued in 2011. Hovde Group LLC acted as sole placement agent to the company and Hunton & Williams LLP provided legal counsel.