Oconee Financial Corporation (OTCPK:OSBK) announced a private placement of 10-year fixed-to-floating rate subordinated notes due August 7, 2030 for gross proceeds of $10 million on August 7, 2020. The transaction included participation from 16 institutional accredited investors. The 10-year notes will initially bear interest at 6% per annum until August 7, 2025 and thereafter pay a quarterly floating rate equal to 90-day average secured overnight financing rate plus 596 basis points. The subordinated notes are redeemable by the company at its option, in whole or in part, on or after August 7, 2025, or in whole or in part from time to time under certain other circumstances. The company issued the securities pursuant to exemption provided under Regulation D.