Esquire Bank, a Garden City, N.Y., bank that specializes in financial services for law firms, has raised $19.1 million in a private placement of common stock.
The $334.2 million-asset bank priced its stock at $12.50 per share. The stock was sold to existing and new investors, family offices and private equity firms.
Esquire plans to use the proceeds to support continued growth and for other general corporate purposes.
The bank also announced that its holding company, Esquire Financial Services, recently switched charters, from a savings and loan holding company to a bank holding company. Esquire Bank will continue to be regulated by the Office of the Comptroller of the Currency.