Alpine Banks of Colorado completed the private placement of $34 million of common stock, the company announced.

Alpine Banks sold 1,192,983 shares of Class B nonvoting common stock at $28.50 a share to qualified institutional and accredited investors.

“We are excited to announce our successful capital raise. We feel the support for this offering, particularly in the current market environment, reflects Alpine’s strong performance and potential, which are driven by our dedicated employees, customers and communities,” said Glen Jammaron, president and vice chairman of Alpine Banks.

“The additional capital will support our organic growth across the state of Colorado and allow us to continue to serve and give back to the communities and customers who have supported us for nearly 50 years.”

D.A. Davidson & Co. served as financial advisor and sole placement agent of the offering. Lewis Roca Rothgerber Christie served as legal counsel to Alpine Banks of Colorado. Holland & Knight served as legal counsel to the placement agent.

A $6.2 billion employee-owned organization headquartered in Glenwood Springs, Alpine Bank operates locations across Colorado and serves more than 160,000 customers. For more information, visit the website at www.alpinebanks.com.