Revere Bank raises $47M through public offering

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Revere Bank in Rockville, Md., has raised $47.1 million through a public offering.

The $2.3 billion-asset bank said in a press release on Friday that it sold 1.6 million shares of common stock at $29.25 per share.

Revere did not disclose how it would use the offering’s proceeds. The net proceeds of the offering, after deducting estimated underwriting discounts and offering expenses, are expected to total about $44.1 million.

The bank raised $15.5 million through a private placement in 2015.

Sandler O'Neill was the sole book-running manager. FIG Partners was the co-manager.

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