Revere Bank in Laurel, Md., has raised $15.5 million through a private placement of its common stock.

The $717 million-asset bank sold 1 million shares at $15.50 per share. Revere closed the offering in April and announced the closing in a Monday news release.

Revere plans to use the proceeds to meet its "goal of maintaining capital levels well above regulatory requirements while providing above average returns for our investors," Andrew Flott, chief executive, said in the release.

Revere also plans to use the proceeds to maintain its annual growth rate of 20% to 30%. Revere also wants to reach $1 billion in assets by 2017 and sell shares to the public at an unspecific date.

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