Legacy Bank of Florida in Boca Raton has raised more than $6.7 million from a common stock offering.
The $255 million-asset bank said in a press release Wednesday that the proceeds will increase its Tier 1 capital ratio to 7.5%. It had a 5.5% Tier 1 capital ratio as of Sept. 30, according to the Federal Deposit Insurance Corp.
The offering will "position us to take advantage of potential opportunities that may arise," Legacy Chairman and Chief Executive Dennis Bedley said in the release.
Legacy is operating under a January 2011 consent order from the FDIC that requires the bank to maintain an 8% Tier 1 capital ratio and a 12% total risk-based capital ratio. It also directs the bank to address weaknesses in loan quality, management, earnings and liquidity.
Legacy was founded in 2006 and has five branches.