Grand River Commerce in Grandville, Mich., has raised $10.7 million through a private placement.

The $125 million-asset company, which owns Grand River Bank, sold more than 2.3 million shares of its common stock to investors at $4.50 per share.

"We believe the newly raised capital will allow us to fully implement our growth strategy," Chairman and Chief Executive Robert Bilotti said in a press release Friday. "Our track record of steady growth and improved earnings gives us confidence in our ability to take the bank and Grand River Commerce to their next levels of success."

Boenning & Scattergood served as the placement agent.

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