Fidelity Federal Bancorp (OTCPK:FDLB) announced a private placement of fixed-to-floating rate subordinated notes, due 2029 for gross proceeds of $23,500,000 on October 31, 2019. The subordinated notes will bear interest at 6% for five years and then the interest rate will reset quarterly to the then-current three-month secured overnight financing rate plus 465 basis points for the remaining five years. Unless redeemed earlier, the notes will mature on November 1, 2029. The company may, at its option beginning November 1, 2024, redeem the notes. The transaction involved participation from 8 investors. The minimum investment accepted from any outside investor is $500,000. The company issued securities pursuant to exemption provided under Regulation D.