FineMark Holdings, Inc. (OTCPK:FNBT) announced a private placement of fixed-to-floating rate subordinated notes due 2030 for aggregate gross proceeds of $21.3 on November 23, 2020. The transaction included participation from certain qualified institutional buyers and accredited investors. The notes are unsecured and have a ten-year term, maturing November 30, 2030, and will bear interest at a fixed annual rate of 4.25%, payable semi-annually in arrears, until November 30, 2025. From and including November 30, 2025, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate , plus a spread of 400.6 basis points, payable quarterly in arrears, provided, however, that, in the event the three-month SOFR is less than zero, the three-month SOFR shall be deemed to be zero. As provided in the notes, under specified conditions, the interest rate on the Notes during the Floating Rate Period may be determined based upon a rate other than Three-Month SOFR. The company may redeem the notes, in whole or in part, on any interest payment date on or after November 30, 2025, or at any time in whole upon certain other specified events. The Notes received a BBB- rating from Kroll Bond Rating Agency. The company received funding pursuant to Regulation D. The transaction included participation from 12 investors. Minimum investment accepted from any outside investor is $300,000.