Pacific Commerce Bank on Monday said that it completed a $5 million capital raise through a private placement of its common stock.

The Los Angeles bank sold 1 million shares at $5 per share, which was equivalent to about 83 percent of per-share book value as of Sept. 30. The money will be used for general corporate purposes and to better position it to pursue certain strategic opportunities, it said.

We are extremely pleased with the level of interest in this transaction by both outside investors and by our friends,” Chief Executive Brian Kelley said in a statement. “Compared to a number of other community banks that have been forced to raise capital at extremely dilutive prices of 30 percent to 50 percent of book, our price of $5 per share reflects well on the direction of the bank and the investors’ confidence in our management.”

Shares on Monday were unchanged at $3.75 in midday trading on the Over-the-Counter Bulletin Board