WashingtonFirst Bankshares in Reston, Va., has raised $20 million through a private placement.
The $1.3 billion-asset company sold roughly 1.4 million common shares to a group of institutions investors that included Castle Creek Capital Partners, Ithan Creek Investors and Basswood Capital Management. WashingtonFirst may use the additional capital to support growth, or to redeem stock issued to the Treasury Department through the Small Business Lending Fund program, it said in a press release Tuesday.
"We are delighted that a number of our existing institutional shareholders have confidence in the company and were interested in participating in this private placement," said Shaza Andersen, the company's president and chief executive, in the release. "This new capital will help the company continue to grow and realize our goals."
WashingtonFirst has 17 branches in the Washington, D.C. metropolitan area.