Business Bancshares (BBI) in St. Louis has raised roughly $10 million in a private placement.

The $534 million-asset company said Wednesday that it sold about 203,000 shares of common stock and nearly 400,000 shares of non-voting common stock at $16.80 each to Castle Creek Capital Partners.

Business Bancshares said it plans to use proceeds from the sale, which took place Nov. 4, to increase capital and general corporate purposes that could include reducing debt and acquisitions.

"We are very pleased with Castle Creek's strong interest in our banking franchise and our commitment to the growth of St. Louis and its surrounding markets," Larry Kirby, the company's president and chief executive, said in a press release. "This additional capital enhances our already strong capital levels and positions us well for future growth as our momentum continues to build. This is a tremendous expression of their confidence in the company and its future."

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.