Heartland BancCorp in Gahanna, Ohio, has raised $5.4 million in a private placement.

The $683 million-asset bank plans to use the proceeds to boost capital and support balance-sheet growth, and for general corporate purposes.

"This growth capital gives us an opportunity to build out our business plan and meet the growing demand from our clients and the marketplace," Chairman and Chief Executive G. Scott McComb said in a press release Friday.

Investors bought fixed- and variable-rate subordinated promissory notes as part of the transaction. The notes carry a weighted interest rate of 4.896% and will mature in November 2025.

Hunton & Williams LLP advised Heartland on the private placement.

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