American Riviera Bank, a community bank based in California, has raised $8.5m in funding.
The capital raise involved a sale of 472,222 shares of common stock.
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Each share was offloaded for $18 to institutional and select accredited investors.
American Riviera Bank president and CEO Jeff DeVine said: “We received orders well in excess of the shares offered at a price near our recent market trading range reflecting confidence among the investment community in our Bank.”
With the fresh funding, the firm aims to support its general corporate requirements.
These include facilitating its organic growth and expansion in the Central Coast service area.
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By GlobalDataCommenting on the fundraising, American Riviera Bank executive vice president and CFO Michelle Martinich said: “Although the Bank is already well capitalised and profitable, our 2018 growth in Santa Barbara and San Luis Obispo Counties has been significant.
“This new equity will provide additional cushion in our capital base to support that growth.”
American Riviera Bank has full-service branches in Santa Barbara, Montecito, Goleta as well as Paso Robles.
The bank, which was set up in 2006, also has commercial lending offices in Santa Barbara and San Luis Obispo.
At the same time, it has residential loan production office in Santa Barbara.
