ES Bancshares Inc. completed its private placement of 2,527,707 common shares on Oct. 18.

The offering resulted in gross proceeds of approximately $10.5 million. The shares were sold pursuant to definitive agreements with institutional investors and certain other accredited investors, including directors and executive officers of ES Bancshares.

The Newburgh, N.Y.-based company will use the proceeds from the sale of common stock for general corporate purposes.

Raymond James & Associates Inc. was placement agent for the offering.