Community National Bank in Great Neck, N.Y., announced it has raised $18 million in capital in its secondary common stock offering.
The $433 million-asset bank said the capital injection will fuel its growth strategy, which involves making more commercial loans and opening more branches. It will also use the proceeds to "take advantage of opportunities that may arise due to the turmoil in the financial markets," it said Monday. Community National offered its stock at $10 a share, a 5.6% premium to its book value at March 31.
