Riverland Bancorp. in Jordan, Minn., has raised roughly $1.3 million by selling common stock.
The $39 million-asset company disclosed in a June 4 regulatory filing that it sold shares to three unidentified investors at the end of May. The offering was first reported in the Minneapolis/St. Paul Business Journal.
The company's Riverland Bank, has struggled in recent years, earning just $3,000 in the first quarter after losing $95,000 last year and $463,000 in 2012. The bank, created in 2005, has one branch.