Rockaway, N.J.-based Sussex Bancorp completed a private placement of $15 million of its fixed-to-floating-rate subordinated notes to an institutional investor.

The notes, due Dec. 22, 2026, will initially bear interest at 5.75% yearly, payable quarterly for the first five years, and then payable at an annual floating rate equal to the three-month LIBOR plus 350 basis points for the rest of the term.

The company will use the net proceeds from the offering for general corporate purposes.

Hogan Lovells US LLP acted as the company's legal counsel.