Porter Bancorp Inc. in Louisville, Ky., said that an institutional investor had purchased another $745,016 of stock, completing its $5 million investment in the company.
The investor bought 64,784 shares of Porter Bancorp's common stock at $11.50 a share, following a $4.2 million investment of its convertible preferred stock in July.
With this investment, Porter Bancorp has raised $32 million of capital in the past three months.
The $1.7 billion-asset company said Tuesday it plans to use the proceeds of the capital-raising efforts for "working capital, general corporate purposes and augmenting the balance sheet."
The parent company of PBI Bank was well capitalized, with a total risk-based capital ratio of 15.93% as of June 30.
That ratio included the $27 million of fresh capital raised during the second quarter.
