Local Tech Wire

DURHAM, N.C. – Privately held has closed on more than $48 million in new financing.

In a filing with the Securities and Exchange Commission on Monday, Square 1 reported that 25 investors had agreed to invest $48,500,006 in the bank.

The investors were not named.

Square 1 focuses primarily on servicing venture capital firms and venture capital-backed companies as well as entrepreneurs.

The company operates offices across the country. In December, it named David Brooks II chief financial officer.

According to the Triangle Business Journal, Patriot Financial Partners, a private equity group, received approval from the Federal Reserve to buy a 19.9 percent stake in the bank.

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