Independence Bancshares (IEBS) in Greenville, S.C., plans to raise $1.8 million in a follow-up offering to a private placement that closed last December.

Independence will sell up to 2.35 million shares of common stock to its existing shareholders, it said Wednesday. The company is offering the shares at 80 cents per share, the same price investors paid in a $14 million private placement in December. Independence's stock is currently trading at around $1.00 per share.

The $118 million-asset Independence will use the money for general corporate purposes and to fund future business opportunities, is said in an offering prospectus filed with the Securities and Exchange Commission.

Independence's bank subsidiary is operating under a consent order with the Office of the Comptroller of the Currency that requires the bank to hold Tier 1 capital of at least 9% and total risk-based capital of at least 12%. Those ratios were 9.10% and 14.66% as of the end of April, according to the Federal Deposit Insurance Corp.

Independence has four branches in South Carolina.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.