Sussex Bancorp (SSBX) in Franklin, N.J., has completed a $7.2 million capital raise.
The $518 million-asset company sold 1.2 million shares of common stock at $6 each, it announced Monday. Its shares closed Tuesday at $6.75 apiece.
The offering was oversubscribed, with Sussex receiving commitments to purchase approximately $16.6 million of stock, it said. Shareholders were given the option to buy one share for every three they owned in a rights offering that closed on Monday. The offering, announced in June, closed on July 29.
"We are accomplishing a great turnaround at Sussex Bank as we continue to simultaneously reduce our legacy problem assets and execute our growth strategy," Chairman Edward Leppert said in a news release.
Sussex Bank has eight locations in New Jersey and two in New York.