Kinderhook Bank in New York has raised $7.4 million after selling preferred stock.
The $320 million-asset parent of National Union Bank of Kinderhook said in a press release Monday that it issued noncumulative convertible preferred stock. The company plans to use proceeds to fund growth initiatives. The goal is to focus on commercial lending and expansion in New York.
"Our growth strategy is fully on schedule and fully on track," John Ball, Kinderhooks chief executive, said in the release. Ball succeeded Robert Sherwood as CEO in October.
Kinderhook specializes in small-business lending and government guaranteed lending. It has five branches. It plans to open its second Albany, N.Y., branch by the end of this year.