Community Central Bank Corp. in Mount Clemens, Mich., said Thursday that it had raised $2.7 million in fresh capital.

The investment was made through a private placement involving local investors who bought convertible perpetual preferred stock. Each preferred share carries a 10-year warrant for 20 shares of common stock priced at $5 per share. Community Central's shares were trading at $1.42 at midday Thursday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.