ServisFirst Bancshares in Birmingham, Ala., has raised about $10.4 million through a private placement.

The $3.4 billion-asset company sold 250,000 shares at $41.50 each, it announced Monday. It did not say what it intends to use the money for.

"We are pleased to welcome 109 new shareholders in the Mobile area," Tom Broughton, ServisFirst's chief executive, said in the news release. "This is the sixth private placement of common stock completed within our six regions of the company."

ServisFirst operates in Alabama, Florida and Tennessee. It reported a profit of $11.1 million in the third quarter and $30.6 million in the first nine months of the year, according to the Federal Deposit Insurance Corp.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.