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Southern BancShares (N.C.) has successfully completed a private placement of $80 million in 3.125% Fixed-to-Floating Rate Subordinated Notes due 2031. The fixed interest rate will apply until June 30, 2026, after which it will shift to a floating rate tied to three-month SOFR plus 241 basis points. The offering is designed to qualify as Tier 2 capital for regulatory requirements. Proceeds will be used for general corporate purposes. The Notes are not insured by federal agencies and have not been registered under the Securities Act.
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