Old Line Bancshares (OLBK) in Bowie, Md., has raised $12 million through a private placement.
The $1.1 billion-asset company announced Monday that it sold more than 925,000 shares at $13 each. The stock was trading at $13.45 Monday morning.
Old Line said it plans to use the proceeds for general corporate purposes. "Our success in raising this capital is a result of our investors' confidence in our ability to grow opportunistically and profitably," James Cornelsen, Old Line's chief executive, said in a press news release.
Earlier this year, Old Line acquire WSB Holdings in Bowie for $49 million. Cornelsen said last year that Maryland banks should seek to merge with each other, rather than sell to out-of-state institutions.