[sheet: Cover & Summary]
Field | Detail
Document Title | CLOSING FUNDS FLOW MEMORANDUM — CONFIDENTIAL
Transaction | $350,000,000 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036
Issuer | Belmont Ridge Bank, National Association
Issuer Address | 600 Lexington Avenue, 38th Floor, New York, NY 10022
OCC Charter No. | 18742
RSSD ID | 2847391
EIN (BRB) | 13-4827156
CUSIP | 082651 AB7
ISIN | US082651AB73
Offering Type | Rule 144A Private Placement to Qualified Institutional Buyers
Aggregate Principal Amount | $350,000,000
Issue Price | 99.750% of par
Gross Proceeds | $349,125,000
Initial Purchasers' discount | $2,275,000 (0.650%)
Net Proceeds (before expenses) | $346,850,000
Estimated Offering Expenses | $1,150,000
Net Proceeds (after all expenses) | $345,700,000
Closing Date | February 24, 2026
Settlement | T+3 (Pricing Date: February 19, 2026)
Form of Settlement | Delivery of Rule 144A Global Note against payment in immediately available funds via wire transfer
Trustee / Paying Agent / Registrar | Brindoval Trust Company, National Association
DTC Participant No. (Brindoval Trust) | 0447
Prepared by | Calderwood & Harkness LLP
Calderwood & Harkness Matter No. | 1045-00001
Prepared by Contact | Eric Johannsen, Lead Associate, Capital Markets
Date Prepared | February 21, 2026
Governing Law | New York
[sheet: Parties & Wire Instructions]
Party No. | Party Full Legal Name | Short Name | Role | Address | Contact Person | Contact Title | Contact Phone | Contact Email | Receiving Bank Name | Receiving Bank ABA/Routing No. | Beneficiary Account Name | Beneficiary Account No. | Reference / Memo
1 | Belmont Ridge Bank, National Association | BRB | Issuer — Receiving Account for Gross Proceeds / Disbursing Account for Expenses | 600 Lexington Avenue, 38th Floor, New York, NY 10022 | Jonathan R. Talbott | Treasurer | (212) 555-0100 | jtalbott@belmontridgebank.com | Belmont Ridge Bank, National Association | ABA 021-XXXXXX | Belmont Ridge Bank NA — Corporate Treasury | XXXX-XXXX-7001 | BRB Sub Notes 2036 Closing — Feb 24 2026
2 | Wainwright Zanthor & Co., LLC | Wainwright Zanthor | Lead Initial Purchaser / Lead Bookrunner — Pays Gross Proceeds (net of discount) | 383 Madison Avenue, New York, NY 10179 | Samantha Chen-Whitfield | Managing Director | (212) 555-0200 | schenwhitfield@wainwrightsachs.com | [Wainwright Zanthor Clearing Bank] | ABA 021-XXXXXX | Wainwright Zanthor & Co., LLC | XXXX-XXXX-4010 | BRB Sub Notes 2036 Settlement
3 | Redstone Capital Markets LLC | Redstone | Co-Manager / Initial Purchaser — Pays Gross Proceeds (net of discount) | 200 Park Avenue, Suite 4500, New York, NY 10166 | Redstone Operations Desk | Operations | (212) 555-0300 | ops@redstonecm.com | [Redstone Clearing Bank] | ABA 021-XXXXXX | Redstone Capital Markets LLC | XXXX-XXXX-5020 | BRB Sub Notes 2036 Settlement
4 | Kensington Hale Securities Inc. | Kensington Hale | Co-Manager / Initial Purchaser — Pays Gross Proceeds (net of discount) | One World Financial Center, Suite 2700, New York, NY 10281 | Kensington Hale Operations Desk | Operations | (212) 555-0400 | ops@kensingtonhale.com | [Kensington Hale Clearing Bank] | ABA 021-XXXXXX | Kensington Hale Securities Inc. | XXXX-XXXX-6030 | BRB Sub Notes 2036 Settlement
5 | Brindoval Trust Company, National Association | Brindoval Trust | Trustee / Paying Agent / Registrar — Receives Global Note; Receives Trustee Fee | 100 Federal Street, Suite 800, Boston, MA 02110 | Helen M. Briggs | Corporate Trust Officer | (617) 555-0500 | hbriggs@crestviewtrust.com | [Brindoval Trust Operating Bank] | ABA 011-XXXXXX | Brindoval Trust Company, N.A. — Corporate Trust | XXXX-XXXX-8040 | BRB Sub Notes 2036 — Trustee Fee
6 | Calderwood & Harkness LLP | C&H | Issuer's Counsel — Receives Legal Fees | One Liberty Plaza, 52nd Floor, New York, NY 10006 | Robert Adeyemi | Billing Partner | (212) 555-0600 | radeyemi@calderwoodharkness.com | [C&H Depository Bank] | ABA 021-XXXXXX | Calderwood & Harkness LLP — Client Trust Account | XXXX-XXXX-9050 | Matter No. 1045-00001 — BRB Sub Notes
7 | Pennfield & Associates LLP | Pennfield | Initial Purchasers' Counsel — Receives Legal Fees (reimbursed by BRB per Purchase Agreement) | 1585 Broadway, 30th Floor, New York, NY 10036 | Thomas R. Kessler | Lead Partner | (212) 555-0700 | tkessler@pennfield.com | [Pennfield Depository Bank] | ABA 021-XXXXXX | Pennfield & Associates LLP — Trust Account | XXXX-XXXX-1060 | BRB Sub Notes 2036 — Legal Fees
8 | Whitmore & Lathrop, P.C. | W&L | Independent Auditors — Receives Comfort Letter Fee | 30 Rockefeller Plaza, 25th Floor, New York, NY 10112 | Gregory D. Fontaine | Lead Audit Partner | (212) 555-0800 | gfontaine@whitmorelathrop.com | [W&L Depository Bank] | ABA 021-XXXXXX | Whitmore & Lathrop, P.C. | XXXX-XXXX-2070 | BRB Sub Notes 2036 — Comfort Letter
9 | Meridian Ratings Group, Inc. | Meridian | Rating Agency — Receives Rating Fee | 55 Water Street, New York, NY 10041 | Kenji Okamura | Lead Analyst | (212) 555-0900 | kokamura@meridianratings.com | [Meridian Operating Bank] | ABA 021-XXXXXX | Meridian Ratings Group, Inc. | XXXX-XXXX-3080 | BRB Sub Notes 2036 — Rating Fee
10 | Archer Bond Analytics LLC | Archer | Rating Agency — Receives Rating Fee | 111 South Wacker Drive, Suite 3200, Chicago, IL 60606 | Rebecca Lin-Torres | Lead Analyst | (312) 555-1000 | rlintorres@archerbond.com | [Archer Operating Bank] | ABA 071-XXXXXX | Archer Bond Analytics LLC | XXXX-XXXX-4090 | BRB Sub Notes 2036 — Rating Fee
11 | Donnegan Financial Press Inc. | Donnegan | Financial Printer — Receives Printing Fee | 40 West 23rd Street, 10th Floor, New York, NY 10010 | Donnegan Accounts Receivable | Finance | (212) 555-1100 | ar@donnegan.com | [Donnegan Operating Bank] | ABA 021-XXXXXX | Donnegan Financial Press Inc. | XXXX-XXXX-5100 | BRB Sub Notes 2036 — Printing
12 | Various (Miscellaneous) | Misc. | Blue Sky, EDGAR Filing, Other Miscellaneous — per BRB instruction | Per BRB Treasury Direction | Jonathan R. Talbott | Treasurer, BRB | (212) 555-0100 | jtalbott@belmontridgebank.com | Per individual payee instructions | Various | Various | Various | BRB Sub Notes 2036 — Misc. Expenses
[sheet: Funds Flow — Inflows]
Line No. | Payor | Payor Role | Allocation % | Gross Purchase Price (Payor Share) | Less: Initial Purchasers' discount (Payor Share) | Net Amount Wired to BRB | Payee Account | Expected Wire Time | Status
1 | Wainwright Zanthor & Co., LLC | Lead Initial Purchaser / Lead Bookrunner | 60% | $209,475,000 | $1,365,000 | $208,110,000 | BRB — Corporate Treasury (XXXX-XXXX-7001) | 10:00 AM ET | Pending
2 | Redstone Capital Markets LLC | Co-Manager / Initial Purchaser | 25% | $87,281,250 | $568,750 | $86,712,500 | BRB — Corporate Treasury (XXXX-XXXX-7001) | 10:00 AM ET | Pending
3 | Kensington Hale Securities Inc. | Co-Manager / Initial Purchaser | 15% | $52,368,750 | $341,250 | $52,027,500 | BRB — Corporate Treasury (XXXX-XXXX-7001) | 10:00 AM ET | Pending
TOTAL | 100% | $349,125,000 | $2,275,000 | $346,850,000
[sheet: Funds Flow — Outflows (Expenses]
Line No. | Payee | Payee Role | Description of Payment | Amount | Payee Account Reference | Expected Wire Time | Status | Notes
1 | Calderwood & Harkness LLP | Issuer's Counsel | Estimated legal fees and disbursements — Matter No. 1045-00001 | $425,000 | C&H Client Trust Account (XXXX-XXXX-9050) | 11:00 AM ET | Pending | Final invoice to follow; subject to reconciliation
2 | Pennfield & Associates LLP | Initial Purchasers' Counsel | Estimated legal fees and disbursements (reimbursed by BRB per Section [__] of Purchase Agreement) | $275,000 | Pennfield Trust Account (XXXX-XXXX-1060) | 11:00 AM ET | Pending | Reimbursement obligation of BRB under Purchase Agreement
3 | Brindoval Trust Company, N.A. | Trustee / Paying Agent / Registrar / Transfer Agent | Trustee acceptance fee and first-year annual fee | $35,000 | Brindoval Trust — Corporate Trust (XXXX-XXXX-8040) | 11:00 AM ET | Pending | Per fee letter dated February 2026
4 | Whitmore & Lathrop, P.C. | Independent Auditors | Comfort letter fee (SAS 72 / AU-C Section 920) | $85,000 | W&L Account (XXXX-XXXX-2070) | 11:00 AM ET | Pending
5 | Meridian Ratings Group, Inc. | Rating Agency (BBB, stable outlook) | Rating fee — subordinated notes | $120,000 | Meridian Account (XXXX-XXXX-3080) | 11:00 AM ET | Pending | Combined rating agency fees total $210,000; allocated Meridian $120,000 / Archer $90,000
6 | Archer Bond Analytics LLC | Rating Agency (Baa2, stable outlook) | Rating fee — subordinated notes | $90,000 | Archer Account (XXXX-XXXX-4090) | 11:00 AM ET | Pending | Combined rating agency fees total $210,000; allocated Meridian $120,000 / Archer $90,000
7 | Donnegan Financial Press Inc. | Financial Printer | Printing of Preliminary and Final Offering Memoranda, Pricing Term Sheet, and closing documents | $45,000 | Donnegan Account (XXXX-XXXX-5100) | 11:00 AM ET | Pending
8 | Various / BRB Internal | Miscellaneous | Blue sky compliance, EDGAR filing fees, and other miscellaneous expenses | $75,000 | Per BRB Treasury direction | Various | Pending | Includes blue sky exemption filings, DTC fees, and sundry closing costs
TOTAL ESTIMATED OFFERING EXPENSES | $1,150,000
NET PROCEEDS TO BRB (AFTER ALL EXPENSES) | Net Proceeds = $346,850,000 − $1,150,000 | $345,700,000 | Available for general corporate purposes including support of BRB Digital expansion and potential future redemption of existing 5.250% Subordinated Notes due 2027 ($200MM outstanding)
[sheet: Reconciliation]
Line No. | Description | Amount | Calculation / Reference
1 | Aggregate Principal Amount of Notes | $350,000,000 | Per Indenture and Purchase Agreement
2 | Issue Price (99.750% of par) | $349,125,000 | $350,000,000 × 99.750%
3 | Less: Original Issue discount | ($875,000) | $350,000,000 − $349,125,000
4 | Gross Proceeds to Issuer | $349,125,000 | = Line 2
5 | Less: Initial Purchasers' discount (0.650% of par) | ($2,275,000) | $350,000,000 × 0.650%
6 | — Wainwright Zanthor & Co., LLC (60%) | ($1,365,000) | $2,275,000 × 60%
7 | — Redstone Capital Markets LLC (25%) | ($568,750) | $2,275,000 × 25%
8 | — Kensington Hale Securities Inc. (15%) | ($341,250) | $2,275,000 × 15%
9 | Net Proceeds (before expenses) | $346,850,000 | $349,125,000 − $2,275,000
10 | Less: Estimated Offering Expenses | ($1,150,000) | Per Outflows sheet total
11 | — Calderwood & Harkness LLP (Issuer's Counsel) | ($425,000) | Legal fees and disbursements
12 | — Pennfield & Associates LLP (IP Counsel — BRB reimbursement) | ($275,000) | Legal fees and disbursements
13 | — Brindoval Trust Company, N.A. (Trustee) | ($35,000) | Acceptance and first-year fee
14 | — Whitmore & Lathrop, P.C. (Auditors — Comfort Letter) | ($85,000) | Comfort letter fee
15 | — Meridian Ratings Group, Inc. (Rating Agency) | ($120,000) | Rating fee
16 | — Archer Bond Analytics LLC (Rating Agency) | ($90,000) | Rating fee
17 | — Donnegan Financial Press Inc. (Printer) | ($45,000) | Printing fee
18 | — Miscellaneous (Blue Sky, EDGAR, sundry) | ($75,000) | Various
19 | Net Proceeds After All Expenses | $345,700,000 | $346,850,000 − $1,150,000
20 | CHECK: Lines 15+16 = Combined Rating Agency Fees | $210,000 | $120,000 + $90,000 = $210,000 ✓
21 | CHECK: Lines 6+7+8 = Total discount | $2,275,000 | $1,365,000 + $568,750 + $341,250 = $2,275,000 ✓
22 | CHECK: Lines 11 through 18 = Total Expenses | $1,150,000 | $425,000 + $275,000 + $35,000 + $85,000 + $120,000 + $90,000 + $45,000 + $75,000 = $1,150,000 ✓
[sheet: Note Delivery]
Item | Detail
Security Description | 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036
Issuer | Belmont Ridge Bank, National Association
CUSIP | 082651 AB7
ISIN | US082651AB73
Form | Rule 144A Global Note — Book-Entry Only
Aggregate Principal Amount | $350,000,000
Minimum Denomination | $150,000 and integral multiples of $1,000 in excess thereof
Depository | The Depository Trust Company (DTC)
Nominee | Cede & Co.
Trustee / Custodian of Global Note | Brindoval Trust Company, National Association
DTC Participant No. (Brindoval Trust) | 0447
Corporate Trust Office (Brindoval Trust) | 100 Federal Street, Suite 800, Boston, MA 02110
Delivery Mechanism | BRB delivers executed Global Note to Brindoval Trust as Trustee; Brindoval Trust deposits with DTC; DTC credits participant accounts of Initial Purchasers
Delivery vs. Payment | DVP — Global Note credited via DTC against confirmed receipt of aggregate purchase price ($346,850,000 net of discount) in immediately available funds
Ratings | BBB (stable) — Meridian Ratings Group, Inc.; Baa2 (stable) — Archer Bond Analytics LLC
Coupon (Fixed Period) | 6.750% per annum, semi-annually on March 1 and September 1, commencing September 1, 2026
Coupon (Floating Period) | Compounded SOFR + 275 bps, quarterly on March 1, June 1, September 1, December 1, commencing March 1, 2031
Reset Date / First Call Date | March 1, 2031
Maturity Date | March 1, 2036
Indenture Date | February 24, 2026
Ranking | Subordinated unsecured obligations; junior to senior indebtedness and deposits; pari passu with existing 5.250% Subordinated Notes due 2027 ($200,000,000 outstanding) and future subordinated debt; senior to junior subordinated debt and equity
Tier 2 Capital | Intended to qualify as Tier 2 capital under 12 C.F.R. Part 3 (OCC / Basel III)
OCC Non-Objection | Received February 12, 2026 (OCC File No. 2026-SUB-0031)