Katahdin Bankshares (KTHN) in Houlton, Maine, has completed a $10 million private placement.

The $640 million-asset company raised the funds by selling non-cumulative perpetual preferred stock to StoneCastle Financial, which invests in community banks seeking capital for growth and other purposes.

Katahdin Bankshares is the parent of Katahdin Trust Co., a nearly 100-year-old bank that has nineteen offices in Maine. The unit updated its online banking technology last year and was one of eight community banks that recently switched its shares to the OTCQX Banks market to raise its profile.

Katahdin's shares were valued at $12.50 apiece on Friday.

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