Saint Louis Bancshares in St. Louis, Mo., has raised $27 million in capital.
The parent of the $824 million-asset St. Louis Bank plans to use the funds for growth initiatives.
The capital included $10 million of Series A non-cumulative perpetual preferred stock, $4 million of common stock and $13 million of debt.
“We believe Saint Louis Bank’s record of performance and proven ability to execute our growth strategy are key factors in successfully securing additional growth capital,” Grant Harper, the company’s president, said in a statement.
“With our strengthened capital position, we will accelerate shareholder returns by serving more middle-market clients with enhanced technology and a more customized approach to assist their success,” Harper added.
A group of investors, led by Travis Liebig, bought the bank in late 2018.