Prairie Community Bank in Marengo, Ill., has raised $2.48 million in a private placement of its preferred stock.

The $103 million-asset bank plans to the proceeds to pay off some of its subordinated debentures and also for future growth, Dianna Torman, chief executive, said in an interview.

Prairie sold 12,400 newly issued shares at $200 per share. The majority was purchased by existing shareholders and the remainder by community members.

Community Capital Advisors was financial adviser to Prairie on the offering.

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