Foundation Bancorp in Bellevue, Wash., has sold $15 million of convertible preferred stock in a private offering.

The $398 million-asset company said in a press release Friday that it sold the shares to Castle Creek Capital in California. The preferred stock may be converted to common stock at $10 a share.

Foundation said it would use funds raised from the offering for general corporate purposes including potential growth opportunities.

The company was released from a consent order last year. The order required the company to raise capital levels, among other things.

"The success of this capital raise is a reflection of the strength of our franchise, the dedication of our employees and the acumen of our business plan as a leading business bank in the greater Puget Sound Area," Diane Dewbrey, the company's president and chief executive, said in the release.

Castle Creek Capital in California was the only investor in the private offering./p>

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