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