Empire Bancorp in Islandia, N.Y., has raised $20 million in a private placement.

The $515 million-asset bank sold roughly 1.3 million common shares and 1.2 million preferred shares to institutional and individual investors.

The bank intends to use the proceeds to support organic growth, it said in a press release Friday.

"The successful completion of this capital raise will enable us to continue to implement our growth strategy," Douglas Manditch, the bank's chairman and chief executive, said in the release.

Sandler O'Neill + Partners served as the sole placement agent. Fenimore, Kay, Harrison & Ford provided legal counsel.

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