Carroll Bancorp in Sykesville, Md., has raised $5.1 million through a private placement of its common stock.

The $113 million-asset company sold the shares for $16.50 each in a placement that ended on Jan. 23. Ambassador Financial Group in Allentown, Pa., which handled the placement, announced it in a press release Tuesday.

Ambassador said that placement's participants were "a mix of new local individual investors, existing shareholders, Carroll Bancorp insiders and several new institutional investors." The company did not identify any of the investors.

Carroll plans to use funds to expand "lending activity in its core market and support commercial lending in recently entered adjacent markets," Jacob Eisen, Ambassador's head of capital markets, said in the release.

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