Keystone in Texas raises $31M, buys a branch

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Keystone Bank in Austin, Texas, has been busy.

The $75 million-asset bank said in a press release Tuesday that it raised $31 million, bought a branch and hired a chief financial officer.

The stock sale, which included about 185 local investors, will allow the bank to increase its lending limit. The bank’s goal was to raise $20 million.

“We’re beyond humbled that investors have this much confidence in us and our approach to local, community banking,” Jeff Wilkinson, the bank's chairman and CEO, said in the release.

The bank also announced that it had bought a branch in Austin from Green Bank. Keystone already had a branch in the Austin suburb of Bee Cave.

Keystone also turned to Green Bank for its new CFO. Christian Zimmerman had been an executive vice president at Green Bank.

The bank also hired Dustin Well from IBC Bank to lead a new in-house residential mortgage lending division.

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