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First Carolina Financial Services completes $11.6M private placement

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First Carolina Financial Services completes $11.6M private placement

Rocky Mount, N.C.-based First Carolina Financial Services Inc. completed a private placement of common stock that totaled about $11.6 million in gross proceeds.

The company sold 776,250 common shares for $15 apiece.

First Carolina Financial Services said that proceeds from the private placement are being used to enhance First Carolina Bank's capital ratios, to support the growth of its franchise and for general corporate purposes.