While stock sales by large publicly traded banks have been in the spotlight this year, smaller banks have also been on a capital-raising binge.

So far in 2009, 35 smaller banks have completed follow-on stock offerings, selling more shares into the public market. They range from Middleburg Financial Corp.'s $18 million share sale in July to Synovus Financial Corp.'s $600 million raised on Wednesday, according to data from Dealogic. That compares with a total of seven follow-on offerings in 2008, seven in 2007 and 14 in 2006.

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