Fidelity Southern Corp. in Atlanta said Friday that it had raised $14.4 million in a private placement.

The $2 billion-asset company also said it sold about 2.2 million shares of common stock at $6.65 a share, or 9.9% of shares outstanding. The effort raised the company's total risk-based capital to 15.07% and its ratio of tangible common equity to tangible assets to 5.56%.

The company's total risk-based ratio stood at 13.94% at March 31, according to its quarterly filing with the Securities and Exchange Commission.

"The earnings strength of the company and the … position in its markets in Atlanta and Jacksonville attracted this additional investment," Palmer Proctor, the company's president, said in a press release.

The company, which reported a first-quarter profit of $1.8 million, also announced that in July it plans to open a branch in McDonough, Ga.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.