Rocklin, Calif.-based Five Star Bancorp completed a $25 million private placement of its fixed- to floating-rate subordinated debt.
The notes are a ten-year, interest-only obligation. Interest of 6.0% will be paid out for the first five years. Interest for the second half will be equal to the three-month London Interbank Offered Rate plus 4.04%.
Keefe Bruyette & Woods served as sole placement agent in the offering.