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Victory Bancorp completes $3M private placement of subordinated notes

Limerick, Pa.-based Victory Bancorp Inc. completed a private placement of $3 million in subordinated notes to an institutional investor.

The notes qualify as tier 2 capital for Victory Bancorp under regulatory guidelines.

The company expects to gradually contribute the proceeds to its unit, Victory Bank, in order to increase the bank's overall lending capacity.

FIG Partners LLC served as the placement agent for the private offering.