First Commons Bank in Newton Centre, Mass., has raised $7.4 million of fresh capital that it intends to fund its expansion.

The bank has been growing at a rapid clip since it opened for business in July 2009, and its chief executive officer, Tony Nuzzo, said that the private-placement stock offering it completed April 20 "provides additional room for growth." At March 31, the bank reported total loans of $76.6 million, compared to $21.2 million a year earlier, and total deposits of $95 million, up from $68.2 million in March 2010.

First Commons now has $119 million of assets.

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