Quaint Oak Bancorp in Southampton, Pa., sold a 4.9% stake in itself to ItalBank International in Puerto Rico.
The $762 million-asset Quaint Oak disclosed in a regulatory filing that it sold about 117,000 shares of common stock at $13.87 a share. That equates to roughly $1.6 million.
“The purchase agreement contains certain customary representations and warranties made by each party,” the filing said. “The company will use the net proceeds of the offering for general corporate purposes.”