Bancorp of New Jersey in Fort Lee is looking to raise $9.5 million through a private placement.

The $745 million-asset company's investors agreed on Thursday to buy more than 868,000 shares of common stock at $10.95 each. All investors involved in this private placement are on the company's board.

Proceeds from this offering, expected to close March 2, will be used to fund growth and capital for unit Bank of New Jersey. The placement will "eliminate most of the usual and customary offering costs and avoid any market or underwriting discounts," Michael Lesler, the company's chief executive, said in a press release.

Sandler O'Neill served as the placement's financial adviser.

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