SBT Bancorp in Simsbury, Conn., plans to raise about $7.5 million through a private placement of subordinated debt and $8.6 million through a public offering of common stock.

The $419 million-asset company plans to use the proceeds to redeem $9 million of outstanding preferred stock in the federal Small Business Lending Fund program; to expand its banking subsidiary, The Simsbury Bank & Trust Co., into West Hartford, Conn.; and to gather more deposits and make more loans.

Keefe, Bruyette & Woods is the sole underwriter for SBT on the common stock offering.

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