Metropolitan BancGroup in Ridgeland, Miss., has raised $5.5 million.
The $775 million-asset company said Thursday that it raised the funds through a rights offering to existing shareholders. Metropolitan said plans to use the money to fund growth.
The offering was "designed to provide the optimal level of capital to support the continued organic growth of Metropolitan over the next several years," Chief Executive Curt Gabardi said in a press release. "As Metropolitan is well capitalized by all regulatory standards, this level of 'optimized' new capital will continue to fuel the company's current and future organic growth over the next several years."
Metropolitan has raised $57 million since its 2008 founding. It has 10 branches in Mississippi and Tennessee, according to the Federal Deposit Insurance Corp.