Bank raises $4.6M

SARASOTA — Sabal Palm Bank announced Wednesday that it raised $4.6 million in new capital through a stock offering.

The money raised through the offering will allow Sarasota-based Sabal Palm to provide more than $50 million in loans to individuals and businesses, says Neil McCurry, the bank's president and CEO, in a statement. The stock was only offered to existing shareholders of the bank.

Sabal Palm Bank has offices in Sarasota and Venice. As of Dec. 31, the bank had $130.7 million in total assets.