Bank of Kentucky Financial Corp. in Crestview Hills has raised $28.1 million of capital that will go toward repaying the Treasury Department.

The $1.51 billion-asset company said Monday that it sold 1.76 million shares at $17 each, or an 8% discount to its closing price on Nov. 16, when it announced plans for the stock offering.

Bank of Kentucky said part of the funds would help it repay the $34 million it received in early 2009 from the Troubled Asset Relief Program.

Bank of Kentucky set out to raise $21 million, but increased the offering to $26 million. An overallotment raised the total to $30 million, excluding expenses.

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.