Capital Bancorp in Rockville, Md., has raised $3.4 million.
The $442 million-asset company began raising the capital on June 21; the campaign closed on Friday, according to a regulatory filing. Capital raised the money from 47 investors, each of whom invested a minimum of $17,000, the filing said.
Capital raised the money to support loan growth and to show regulators that it can quickly find investors, Chief Executive Ed Barry told the Washington Business Journal. The raise will demonstrate that we have access to capital when we need it, making it easier to get approval for future acquisitions, he said.
Capital, which bought the failed Pisgah Community Bank in Asheville, N.C., in May, has two Maryland branches and branches in North Carolina and Washington, D.C.