BayCom Corp in Walnut Creek, Calif., has raised $66.8 million through an initial public offering.

The $1.2 billion-asset company said Tuesday that it sold about 3.3 million shares at $22 each. BayCom, the holding company for United Business Bank, had increased the offering from the original 2.3 million shares it had planned to sell.

BayCom said when it announced plans for IPO last month that it would use the funds to repay a $6 million term loan and to increase capital levels to support organic growth and acquisitions. The company has acquired five banks since the fall of 2011.

"This transaction validates BayCom's business model as an acquirer, and it enhances the potential for future M&A and organic growth," George Guarini, BayCom's president and CEO, said in a press release

FIG Partners was the offering's lead book-running manager. D.A. Davidson was the joint book-running manager.

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