Bank of Georgetown in Washington, D.C., has raised $18.1 million in a private offering.

The $890 million-asset company exceeded its goal of raising $15 million after it received investments from local shareholders in addition to institutional investors, according to a press release Wednesday. Investors purchased the company's common stock at $19.50 per share, roughly 124% of its book value per share.

"We are thrilled to have so quickly exceeded our goal and appreciate the support of our new and existing shareholders," the company's Chairman, President and Chief Executive Mike Fitzgerald said in the release. He added that the capital infusion provides the bank with "the additional financial flexibility to take advantage of future opportunities."

Bank of Georgetown served as its own placement agent for the offering. The company was founded in 2005 and has 10 branches in and around Washington.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.