Continental Bank Holdings of Plymouth Meeting, Pa., has raised $16.5 million through a private placement.

The $540 million-asset company said Monday that it sold shares of common stock and a new series of perpetual preferred stock to private equity firms Castle Creek Capital Partners and Greenhill Capital Partners.

The funds will allow the company to "strengthen our capital base and support our prudent growth with a continued focus on the level and quality of our earnings," H. Wayne Griest, president and chief executive of Continental, said in a press release.

At March 31, the bank's core capital leverage ratio was 8.88% and its total risk-based capital ratio was 15.17%, according to the Federal Deposit Insurance Corp.

KBW's Keefe, Bruyette & Woods served as the placement agent for the offering.

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