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Southern National Bancorp of Virginia completes $27M note offering

McLean, Va.-based Southern National Bancorp of Virginia Inc. completed an offering of $27 million of fixed-to-floating rate subordinated notes due 2027.

These notes will initially bear interest at 5.875% per year until Jan. 31, 2022, and after that, the notes will be payable at an annual floating rate equal to three-month LIBOR plus a spread of 3.95% until maturity or early redemption.

Net proceeds will be used for general corporate purposes, including providing capital to its unit, Sonabank, to support growth.