Presidio Bank in San Francisco has raised $9.5 million through a private placement.

The $484 million-asset bank raised the capital by selling subordinated notes. The debt is expected to qualify as Tier 2 capital for regulatory purposes.

Presidio intends to use the funds to support organic growth, it said in a press release Wednesday.

"We plan to use this additional capital to continue to execute our growth strategy in the San Francisco Bay Area," Steve Heitel, Presidio's president and chief executive, said in the release.

Sandler O'Neill served as the placement agent for the transaction. Manatt, Phelps & Phillips was legal counsel to Presidio.

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