Sunshine Bancorp in Plant City, Fla., plans to raise about $12.2 million through a private placement.
The $442 million-asset company said in a press release Wednesday that it has agreements to sell 875,000 shares of common stock to unnamed institutional and accredited investors for $13.92 each. The sales are expected to close on Friday.
The company said it would use the proceeds for general corporate purposes.
"We are pleased that these institutional and other investors have confidence in the future of Sunshine Bancorp," Andrew Samuel, the company's president and chief executive, said in the release.
Raymond James is the sole placement agent for the private placement.