Bank of the James Financial Group (BOTJ) in Lynchburg, Va., has raised $10 million through a private placement of unregistered debt.

The $433 million-asset company issued five-year unsecured notes to 42 unnamed investors, most of which were local. The company completed the offering without the help of an underwriter.

The offering allows the company "to continue to pursue new lending, financial advisory and banking relationship opportunities," Robert R. Chapman 3rd, the company's president and chief executive, said in a press release Thursday. The company has improved its balance sheet and capital position during the last year, he said.

For the first six months of the year, Bank of the James earned $846,000, up 12% from a year earlier. Its Tier 1 capital ratio was 8.04% at June 30, up from 7.82% at Dec. 31.

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