Preferred Community Bank in Fort Myers, Fla., has wrapped up a $2.8 million capital raise.
The $76 million-asset lender raised the sum from local investors. It began the effort in October and finished at the end of May, its financial advisor, Community Capital Advisors, announced on Monday.
The capital raise allowed Preferred to shed a memorandum of understanding with its regulators and will help it fund growth, said Lee Bradley, managing director of Community Capital Advisors. The bank held a Tier 1 leverage ratio of 8.83% and total risk-based capital of 14.65% as of March 31, according to the Federal Deposit Insurance Corp.
Bradley cited the efforts of Brenda O'Neill, the bank's chief executive, in raising the money.
"There haven't been very many banks that have been successful in raising capital in southwest Florida, especially without institutional money or private-equity money," said Bradley. "She did a fantastic job of going out and articulating to investors what she was going to do."
Founded in 2007, Preferred Community Bank has two Florida branches.