Howard Bancorp Inc. raised $36 million in its public stock offering as investors bought more shares than the Ellicott-City based banking company had planned to sell.
The parent of Howard Bank announced plans on Wednesday to raise $30 million in the offering, but said Friday it wound up being oversubscribed. Howard sold 2.4 million shares at $15 each.
Shares will be delivered of Feb. 1.
Howard plans to use the proceeds to boost the bank's capital for lending and investment, to repay debt and to support future acquisitions.
Howard's stock is traded on the Nasdaq stock exchange under the symbol HBMD. The bank's stock was up 7.14 percent Friday afternoon, at $16.50 a...