OP Bancorp, the parent company of Open Bank, has completed a private placement of $25 million in fixed-to-floating rate subordinated notes due 2035. The notes were issued in a private placement and are designed to qualify as Tier 2 capital under regulatory guidelines. The notes will mature on November 15, 2035, and will bear interest at a fixed rate of 7.50% per annum until November 15, 2030, payable semi-annually. After that date, the interest rate will reset quarterly to the three-month term SOFR plus 411 basis points, payable quarterly. The company may redeem the notes, in whole or in part, any time after the reset date, subject to regulatory approvals. The proceeds will be used for general corporate purposes, including strengthening the bank's regulatory capital and supporting growth.