White River Bancshares in Fayetteville, Ark., raised nearly $12.5 million through a private placement of common stock.
The $1.2 billion-asset company said in a press release that it sold about 226,000 shares to accredited investors at $55 each.
Net proceeds will be used to support organic and strategic growth opportunities.
“This additional capital will support our strategy and growth plans as we continue to focus on supporting the customers and communities we serve and on building long-term value for our shareholders,” Gary Head, the company’s chairman and CEO, said in the release.