The $196 million-asset company announced late Tuesday it had completed the offering. In a press release, the company said the raise exceeded expectations; it had only planned to raise $6 million. Nearly two-thirds of the capital came from existing shareholders.
While the bank was out of compliance with the order at the end of the second quarter, the bank appears to be improving. Its noncurrent loans made up 4% of total loans, compared to 16.67% a year earlier. American Banker