First Carolina Financial Services Inc., the parent company of First Carolina Bank, has raised $18.55 million by selling debt, according to a Securities and Exchange Commission filing on Tuesday.

The $18.55 million was raised from 46 investors with the date of the first sale at the end of February. The offering has $1.45 million remaining to be sold for a total of $20 million.

The filing did not disclose what the company plans to do with the money.

The Rocky Mount-based company is the registered bank holding company of First Carolina Bank. The bank has four locations throughout North Carolina in Rocky Mount, Reidsville, Wilmington and Raleigh.

First Carolina has full-service banking offices in Rocky Mount and Reidsville and a loan production office in Raleigh.

The company was founded in 2000 starting from the Rocky Mount location based on local investors. In 2012, the bank was acquired by President and CEO Ronald Day, along with a group of shareholders.

Day graduated from UNC-Chapel Hill in 1987 majoring in business administration with a concentration in finance.

In March 2018, the company filed to raise $11.6 million in equity. That file can be found here.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.