NHB Holdings in Cottonwood Heights, Utah, has raised $7.6 million in fresh capital.
The $196 million-asset company announced late Tuesday it had completed the offering. In a press release, the company said the raise exceeded expectations; it had only planned to raise $6 million. Nearly two-thirds of the capital came from existing shareholders.
The company's Proficio Bank has been under a consent order with the Federal Deposit Insurance Corp. since July 2010 which calls for the bank to have a leverage ratio of 12%. At June 30, its leverage ratio, however, was 9.97%.
While the bank was out of compliance with the order at the end of the second quarter, the bank appears to be improving. Its noncurrent loans made up 4% of total loans, compared to 16.67% a year earlier.
The bank also earned $1.5 million in the second quarter, compared to $6,000 a year earlier.