Square 1 Bank keeps raising money.
The Durham-based bank, which focuses on the venture capital industry, says in two regulatory filings that investors have recently bought more than $2.6 million in shares.
In the most recent deal, Square 1 said 17 investors purchased $778,000 worth of shares.
Last month, six investors bought $1.844 million in shares.
The bank recently closed on $20.6 million from existing investors in a private placement.
“We are very pleased with the success of this capital raise and the expression of continued confidence from our larger investors,” said Doug Bowers, Square 1’s chief executive officer, in a statement about the $20.6 million sale.
“The additional capital will allow us to continue our organic growth, focus on strategic initiatives, and propel the Bank forward,” he added.
Bowers said the willingness of investors to buy the additional shares reflected the bank’s performance.
“Over the past seven years, Square 1 has experienced significant growth within our loan portfolio, while maintaining excellent credit quality and a strong balance sheet,” Bowers said. “We are excited about the opportunities we see in our markets, and remain committed to delivering unparalleled banking services to companies in all stages of growth.”
Square 1 recently named a new chief financial officer, add a veteran venture capitalist to its board, and provided a line of credit to RTP startup Heat Biologics.
Through June 30, Square 1 reported assets of $1.8 billion with $2 billion in deposits and $738 million in loans.