F&M Bank Corp. (FMBM) in Timberville, Va., has raised $12 million in a private placement.
The company sold 774,231 shares of common stock at $16.50 per share, according to a Friday press release. F&M plans to use the proceeds from the offering to fund organic growth, expansion into new markets and potential future acquisitions, along with other general corporate purposes.
F&M also announced Friday that it has proposed a public offering of up to $10 million of preferred stock. Further details of the offering were not yet available.
The $552 million-asset F&M has nine branches in Virginia, according to data from the Federal Deposit Insurance Corp.