Republic First Bancorp Inc., of Philadelphia, said it sold $45 million worth of common stock in a private placement for $3.80 per share.
Republic, which has 14 offices said it would use the money from the sale of stock to add branches in the Philadelphia region.
Eight new branches are planned, in Marlton, Moorestown, Mount Holly, Medford, Glassboro, Washington Township, Berlin, and a second location in Cherry Hill, the bank said.
On Dec. 31, Republic First had $869.5 million in deposits and $667.0 million in net loans, according to its annual report. Republic's shares closed at $4.23, up 6 cents on Nasdaq. - Harold Brubaker