Republic First Bancorp (FRBK) in Philadelphia has raised $45 million through a private placement.
The $962 million-asset company said in a press release Tuesday that it had originally planned to raise $25 million, but the offering was increased due to a "significant level of interest." Republic First sold the shares at $3.80 each; the company's stock closed Monday at $4.17.
Republic First did not disclose the identity of any entity that participated in the private placement.
The company said the capital will increase its total risk-based capital ratio to 16.64% from 11.29% at March 31. Its Tier 1 risk-based capital ratio will increase to 15.39% from 10.04%.
Republic First will use the capital to open branches in southern New Jersey and around Philadelphia, Harry Madonna, the company's chairman and chief executive, said in the release.