Citywide Banks of Colorado in Denver has raised $7 million from private-equity investors.

The $1.2 billion-asset family-owned bank plans to use the capital to fund growth efforts, according to a report in the Denver Business Journal.

The capital will help the bank "expand its balance sheet within the state, hire new banking talent and be in … position for any strategic future acquisition," Jeff Schmitz, the bank's chief operating officer, told the publication. "Recent hires, internal restructuring and ongoing technology investment have all centered on continually improving our client experience."

Citywide sold stock to 60 new shareholders at an average investment of $200,000, the report said.

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