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Oak Ridge Financial raises $5.5M in notes offering

Oak RidgeFinancial Services Inc. on June 29 closed on a subordinateddebenture issuance, raising approximately $5.5 million net of fees.

The Oak Ridge, N.C.-based company on June 30 used theissuance proceeds to redeem the remaining $5.2 million in Series A preferredstock. The company added that the redemption will result in an estimated$219,000 or 9 cents per common share in annual after-tax savings, which willaccrue to common shareholders.

Oak Ridge Financial reported second-quarter net income of$743,000, or 26 cents per share, compared to net income of $855,000, or 34cents per share in the year-ago quarter.