Hyannis-based Bank of Cape Cod has raised $2.5 million of new capital through its parent holding company, New England Bancorp Inc.

New England Bancorp issued $2.5 million of 5 percent convertible subordinated debentures with substantially all of the net proceeds from the issuance contributed by the holding company to the bank as capital, according to a statement. The additional capital supports continued asset growth to more than $150 million while maintaining the bank’s regulatory status.

"We were pleased with the acceptance of the offering by investors as it reflects their confidence in our team to continue to provide local business owners with a responsible, knowledgeable, nimble and committed financial partner," said President and CEO Tim Telman.