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Congressional Bancshares completes $7.5M equity raise

Congressional Bancshares Inc. has completed a $7.5 million equity raise, according to a Feb. 16 Form D filing.

Twelve investors participated in the offering, with the first sale occurring Jan. 31. The minimum investment accepted from any outside investor was $28,470.

The offering was made in connection with a business combination transaction, according to the form. The Bethesda, Md.-based company's subsidiary, Congressional Bank, completed its acquisition of the operating businesses and a substantial portion of Alliance Partners' assets, as announced Feb. 1.