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NC-based Providence Bank raises $12M in rights offering

Providence Bank completed its rights offering of 521,861 shares of common stock.

The Rocky Mount, N.C.-based bank sold the shares at $23.00 apiece for gross proceeds of approximately $12.0 million.

Proceeds will be used to complete the proposed acquisition of Wilson, N.C.-based Cornerstone Bank, a subsidiary of CB Financial Corp., and for general corporate purposes.