New Resource Bank in San Francisco said Thursday that it had raised $7.7 million through a private placement.
The $160.6 million-asset company said in a press release that it sold 1.75 million shares on Jan. 20 at $4.40 each. Triodos Bank, a Dutch financial institution, raised its stake to more than 20% and Portfolio 21 Investments, a new investor, took a stake of more than 5%. The company has about 360 shareholders.
"We are delighted to have discovered an investment opportunity in a bank that serves its community and shares a common philosophy with Portfolio 21," said Anthony Tursich, a senior portfolio manager at Portfolio 21, in the release. "New Resource Bank understands the risks and opportunities associated with environmental limits and we believe is positioned to thrive over the long term."
Vince Siciliano, New Resource's president and CEO, said the new capital will increase the bank's lending limit and allow it to "take advantage of new business opportunities."