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 add branches in Brooklyn and Staten Island.
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.