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The Florida bank is eager to add loans after raising $5 million to surpass capital requirements from a 2011 consent order. It did so at a time when capital raising is on the decline.
July 17 -
Financial firms are raising less capital as domestic and international concerns abound.
July 12
Howard Bancorp (HBMD) in Ellicott City, Md., has raised $10.2 million through a public offering and private placement of common stock.
The $348 million-asset company said late Friday that it sold about 1.4 million shares of common stock at $7.30 each in the public offering. The company will use the funds for organic growth and for potential acquisitions.
The capital raise represented "a vote of confidence by existing shareholders, other retail investors in our marketplace and, for the first time, institutional investors who have seen many attempted community bank offerings over the last few years but have selectively participated in only a few," Mary Ann Scully, Howard's chairman and chief executive, said in a press release.
Financial companies have had difficulty raising fresh funds in recent months as concerns about the economy linger. Capital markets
