The underwriters of Rockville, Md.-based Capital Bancorp Inc.'s initial public offering, which closed Sept. 28, fully exercised their option to purchase an additional 334,310 common shares.

The company received proceeds of about $3.9 million from the sale of the additional shares after deducting underwriting discounts. After giving effect to the exercise of the underwriters' option, the company sold a total of 1,834,310 common shares and raised about $20.2 million in net proceeds at the completion of the initial public offering.

The offering also included 728,736 common shares sold by selling stockholders in the initial closing, resulting in aggregate net proceeds of roughly $8.5 million to the selling shareholders, after deducting underwriting discounts. Capital did not receive any proceeds from the sale of shares by the selling stockholders.

Keefe Bruyette & Woods and Stephens Inc. acted as joint book-running managers for the offering. Sandler O'Neill & Partners LP and Hovde Group LLC acted as co-managers. Capital was represented by Holland & Knight LLP. The underwriters were represented by Covington & Burling LLP.