Liberty Bancshares, Inc. announced that it has closed on the sale of $13 million of the company’s common and preferred stock in a private offering.

The company netted $12.4 million in proceeds that will support organic growth and expansion of its subsidiary Liberty National Bank.

"The stock offering was very well received by both local and institutional investors," said Ron Zimmerly, Liberty bank's president and CEO.

"We were able to raise approximately $3 million with local investors as well as $10 million with institutional investors," he added. "The additional capital gives Liberty the strength and flexibility to grow organically within our existing footprint, expand into contiguous markets or pursue other strategic opportunities that may arise," said Zimmerly.

Hovde Group, LLC, served as the sole placement agent for the company in connection with the transaction.