Northwest Bancorp. in Spokane has raised $20 million from a private placement of common stock.

The $449 million-asset company said in a press release Monday that it sold 2.1 million shares at $9.25 each.

Northwest plans to use some of the proceeds to complete its acquisition of Fairfield Financial Holdings, which was announced in late June.

The purchasers were "insiders" and existing Northwest shareholders, including Harlan Douglass, a director. Castle Creek Capital and Concentric Equity Partners also participated in the offering.

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