NB Bancorp completes $100 million subordinated debt private placement

• NB Bancorp completed a $100 million private placement of 7.5% fixed-to-floating rate subordinated notes due 2036.
• The notes bear fixed interest of 7.5%, payable semiannually, for the first five years.
• The rate then resets quarterly to three-month Secured Overnight Financing Rate (SOFR) plus 305 basis points.
• Net proceeds will fund general corporate purposes.
• Kroll Bond Rating Agency rated the notes BBB-.

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