Freedom Bank of Virginia in Fairfax is set to raise $16 million through a private placement.

The $390.1 million-asset company said in a press release Tuesday that it has agreed to sell common stock to institutional investors led by Patriot Financial Partners. The company had already sold $10 million of stock, with plans to sell another $6 million in the first quarter.

The proceeds from the capital raise will be used to support the bank's growth, among other things.

"We received tremendous interest from the institutional investment community and unfortunately we were not able to accommodate all of the interest," Richard Litman, the company's chairman, said in the release.

 

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