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LIBOR (London Interbank Offered Rate) is an index commonly used in setting interest rates for many adjustable-rate consumer and business lending products. You may have heard that LIBOR will be discontinued, effective June 30, 2023 for most interest periods (and as early as December 31, 2021 for certain less frequently used interest periods). The “LIBOR transition” refers to the work banks and government agencies are doing to move from LIBOR to an alternative index. We are actively working on various tasks related to the transition, including the review of existing loans in our portfolio, as well as selecting alternative index rates.

As we draw closer to the transition deadline, you may be curious about how we plan to address the LIBOR transition and how it will impact your current or future borrowing relationship. We’ve created a LIBOR FAQ with the latest information to keep you updated on the latest news. We expect this document will continue to grow as we learn new information and we encourage you to check back to make sure you are referencing the latest information.