RALEIGH — The corporate parent of North State Bank said it has completed the private sale of $11 million in bonds to institutional investors.

“In this uncertain financial market, we are very pleased to have raised this additional capital,” CEO Larry Barbour said in a prepared statement. “We believe the sale reflects the high regard in which North State Bank is held by the investing community.”

The new capital "will allow us to continue the growth we have been experiencing," said Kirk Whorf, chief financial officer.

The eight-year-old bank, which is based in Raleigh, has seven branches in Wake and New Hanover Counties, plus a loan production office in Carteret County.

North State announced the debt sale Tuesday afternoon after the markets closed. Shares of the publicly traded bank didn’t trade on Tuesday. On Monday, shares closed at $10.75, down five cents. Shares have fallen 16 percent this year.