4.00% Fixed-to-Floating Rate Subordinated Notes due 2031
Note · RBB Bancorp
Reference: 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031
- Original principal
- USD 120,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Apr 1, 2031
Last reported interest terms: 4% a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 329 basis points Reported 2021-03-26 Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
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Event of Default · shall be immediately accelerated
the principal of the Securities shall be immediately accelerated in the manner and with the effect provided in the Indenture.
Applies to every series under this agreement Event of Default
Full wording and supporting evidence
Source evidence: If an Event of Default with respect to Securities of this Series shall occur and be continuing, the principal of the Securities shall be immediately accelerated in the manner and with the effect provided in the Indenture.
Target identity evidence: THIS SECURITY IS AN UNSECURED SUBORDINATED DEBT OBLIGATION OF RBB BANCORP (THE “COMPANY”).
Target identity evidence: 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031
Target identity evidence: CUSIP NO. 74930B A G0
Target identity evidence: ISIN NO. US74930BAG05
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In the event that any payment · the Company will not pay additional amounts
the Company will not pay additional amounts with respect to such tax or assessment.
Applies to every series under this agreement In the event that any payment
Full wording and supporting evidence
Source evidence: In the event that any payment on the Securities is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment.
Target identity evidence: THIS SECURITY IS AN UNSECURED SUBORDINATED DEBT OBLIGATION OF RBB BANCORP (THE “COMPANY”).
Target identity evidence: 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031
Target identity evidence: CUSIP NO. 74930B A G0
Target identity evidence: ISIN NO. US74930BAG05
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Notwithstanding any of the foregoing · may not be repaid prior to the Stated Maturity Date without the prior written consent
this Security may not be repaid prior to the Stated Maturity Date without the prior written consent of the Federal Reserve
Applies to every series under this agreement Notwithstanding any of the foregoing
Full wording and supporting evidence
Source evidence: Notwithstanding any of the foregoing, to the extent then required under or pursuant to applicable regulations of the Federal Reserve (or, as and if applicable, the rules of any appropriate successor bank regulatory agency), this Security may not be repaid prior to the Stated Maturity Date without the prior written consent of the Federal Reserve (or, as and if applicable, the rules of any appropriate successor bank regulatory agency).
Target identity evidence: THIS SECURITY IS AN UNSECURED SUBORDINATED DEBT OBLIGATION OF RBB BANCORP (THE “COMPANY”).
Target identity evidence: 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031
Target identity evidence: CUSIP NO. 74930B A G0
Target identity evidence: ISIN NO. US74930BAG05
Documents and filing history
- Issuance · 8-K · 2021-03-26 — FORM 8-K
- GoverningAgreement · EX-4.3 · 2021-03-26 — EXHIBIT 4.3 FORM OF NOTES
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Issuance
· 2021-03-26
Original principal USD 120,000,000 Exact source document
Parent 8-K filing · 2021-03-26
On March 26, 2021, RBB Bancorp (the “Company”) completed the previously announced issuance and sale (the “Offering”) of $120.0 million aggregate principal amount of its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”).
Issuer evidence: On March 26, 2021, RBB Bancorp (the “Company”) completed the previously announced issuance and sale (the “Offering”) of $120.0 million aggregate principal amount of its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”).
Supporting evidence: From and including the date of issuance to, but excluding, April 1, 2026, or earlier redemption date, the Notes will bear interest at an initial fixed rate of 4.00% per annum, payable semi-annually in arrears on October 1 and April 1 of each year, with the first payment date occurring on October 1, 2021. From and including April 1, 2026 to, but excluding the maturity date, April 1, 2031, or earlier redemption date, the Notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 329 basis points, payable quarterly in arrears on January 1, April 1, July 1, and October 1 of each year, commencing on July 1, 2026. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero.
Supporting evidence: On March 26, 2021, RBB Bancorp (the “Company”) completed the previously announced issuance and sale (the “Offering”) of $120.0 million aggregate principal amount of its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”).
Supporting evidence: On March 26, 2021, RBB Bancorp (the “Company”) completed the previously announced issuance and sale (the “Offering”) of $120.0 million aggregate principal amount of its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”).