Penn Liberty Financial Corp. of Wayne, Pa., said it raised $13.8 million in its second private placement stock offering.
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The $170 million-asset company said Friday that it raised the money to increase its lending capacity.
Penn Liberty was opened in September 2004 after raising $30 million in an initial offering. The recent offering attracted 70 investors and raised the shareholder base to 300.
The company has opened two branches this year and plans to open its fourth by yearend.
