Asian Financial Corporation, the parent company of Asian Bank, today announced the pricing and closing of a private placement of $10.0 million aggregate principal amount of fixed-to-floating rate subordinated notes.

The Notes will initially bear interest at 5.50% per annum, from and including the original issue date of the subordinated notes to but excluding January 1, 2026, payable semi-annually in arrears. From January 1, 2026 through maturity, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 532 basis points, payable quarterly in arrears. On or after the fifth anniversary of the original issue date through maturity, the Notes may be redeemed, at the Company's option, on any scheduled interest payment date. The Notes will mature on November 15, 2030.

James Wang, Chairman, President & CEO of Asian Financial Corporation stated, "We are excited to announce the successful completion of our subordinated debt offering on attractive terms. The new capital that we downstream to our Bank is leverageable Tier 1 capital, which will be important to support the growth of our organization and will enable us to remain the heartbeat of the communities we serve."

Performance Trust Capital Partners served as sole placement agent in the Offering. Pillar+Aught served as the Company's legal counsel in the Offering.

About Asian Financial Corporation and Asian Bank

Asian Financial Corporation is the parent company of Asian Bank, a commercial bank headquartered in Philadelphia, Pennsylvania. Established in 1999, Asian Bank was formed to serve the needs of all small businesses and individuals in Philadelphia and its surrounding counties, with a particular focus on the Asian community.

As of September 30, 2020, Asian Bank had total assets of $271.2 million with two full service branches and a loan office. Additional information about Asian Bank is available on its website, www.theasianbank.com.