ES Bancshares in Newburgh, N.Y., has raised capital to help fund its expansion in New York City.
The $269 million-asset parent of Empire State Bank said in a press release Thursday that it raised about $2.7 million after completing a private placement of more than 552,000 shares. ES did not identify any of the investors.
The capital comes shortly after the company disclosed plans to
ES, which sold a branch in New Paltz, N.Y., early last year, said it has received regulatory approval for the planned branches.
The stock sale should also boost the company’s Tier 1 capital ratio, which stood at 9.05% on Sept. 30.