Bank of Georgetown in Washington, D.C., has raised more than $25 million in fresh capital that it will use to fund its continued expansion in the city and surrounding suburbs.

The privately held bank said Monday that it shares of its stock were sold to both local shareholders and institutional investors at $15 each, or 1.2 times its book value. Commerce Street Capital of Dallas acted as the placement agent. Commerce is affiliated with Commerce Street Financial Partners LP, a private-equity fund that has owned a minority stake in the bank since 2009 and purchased additional shares in the latest offering.

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