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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

Keweenaw Financial Corporation (OTC: KEFI), the parent holding company of Superior National Bank,&nbsp;announced&nbsp;the completion of a private placement of $15 million aggregate principal amount of its 4.0% fixed-to-floating rate subordinated notes due March 26, 2031, to various accredited investors. The price for the subordinated notes was 100% of the principal amount of the notes, and the notes are intended to qualify as Tier 2 capital for regulatory purposes. Keweenaw Financial Corporation intends to use the net proceeds from the Offering for general corporate purposes.

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Interest on the Notes will accrue at a rate equal to: (i) 4.0% per annum from the original issue date to, but excluding, March 26, 2026, payable semi-annually in arrears; and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term SOFR (as defined in the Notes), plus a spread of 325 basis points from and including March 26, 2026, until maturity, payable quarterly in arrears. Beginning on March 26, 2026, through maturity, the Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption will be at a redemption price equal to 100% of the principal amount of Notes being redeemed, plus accrued and unpaid interest. &nbsp; Keweenaw Financial Corporation, through its subsidiary Superior National Bank, provides various banking products and services to individual and corporate customers. It offers savings accounts, checking accounts, certificates of deposits, residential mortgages, and auto, recreational, personal, commercial and small business loans. The company also provides trust and wealth management services, including investment management, trust and estate administration, cybersecurity consulting and retirement services. In addition, it offers debit cards, credit cards, online and mobile banking, remote deposit capture, automated teller machines, and automated bill-paying services. It serves customers in the Upper Peninsula and Southeast regions in the state of Michigan. Superior National Bank was founded in 1890 and is headquartered in Hancock, Michigan. &nbsp; The Warner transaction team was led by Jeffrey Ott and Charlie Goode and included Sarah Harper and Malaina Weldy.

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Warner’s Banking Law Practice Group

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As part of one of the largest and most successful law firms in Michigan, the attorneys in Warner’s Banking Law Practice Group counsel banks and bank holding companies to develop capital raising strategies and to execute public offerings and private placements of securities. Our attorneys practice all aspects of banking law, including bank formations, mergers and acquisitions, strategic transactions, commercial lending, consumer credit, negotiable instruments, bank litigation, workouts and bankruptcy, leveraged leasing, antitrust and regulatory compliance.

Financial Institutions

Partner

Charlie Goode

Associate

Sarah Harper

Of Counsel

Jeffrey A. “Jeff” Ott

Malaina W. Snyder

Securities and Corporate Governance

Warner Represents Keweenaw Financial Corporation in Subordinated Notes Offering

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Warner Represents Keweenaw Financial Corporation in Subordinated Notes Offering

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