Tucker Ellis represented PNC FIG Advisory, part of PNC Capital Markets LLC, as placement agent in connection with the private placement of $16 million in aggregate principal amount of fixed-to-floating rate subordinated notes by Oxford Bank Corporation of Oxford, Michigan, due 2031 (the “Notes”) to certain qualified institutional buyers and institutional accredited investors.

The Notes will initially bear interest at 3.25% per year, payable semi-annually in arrears. Beginning October 1, 2026 through the maturity date or earlier redemption, the interest rate will reset quarterly based on the then current Three-Month Term SOFR plus 245 basis points, payable quarterly in arrears. Also beginning on October 1, 2026 through maturity, the Notes may be redeemed in whole or in part, at the Company’s option. The Notes will mature on October 1, 2031.

The Notes are structured to qualify as Tier 2 capital instruments for regulatory capital purposes. The Company intends to utilize the proceeds from the sale of the Notes for general corporate purposes, including investment in Oxford Bank, the Company’s wholly-owned bank subsidiary.

PNC FIG Advisory served as sole placement agent on the transaction.

Glenn Morrical led the transaction for Tucker Ellis with assistance from Kristen Baracy.