Newton’s First Commons Bank has raised approximately $7.4 million of new capital in a private placement ended April 20, approximately $5.9 million of which was raised in the quarter ending March 31, the bank said.

The additional funding contributed to an 8.5 percent increase in total assets to $119 million in the first quarter versus the previous quarter ending Dec.31, 2010. First Commons Bank opened for business July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

"We are pleased with our continued ability to raise capital in these difficult economic times. Since the bank’s deposit growth has exceeded initial expectations, the net proceeds from the sale of common stock in our recent offering will provide us with new Tier 1 regulatory capital that provides additional room for growth. The new $5.9 million in capital raised by March 31, brought our total capital raised to almost $25 million since pre-formation and our March 31 Tier 1 capital ratio to 15.81 percent," said Tony Nuzzo, chairman, president and CEO. "Additionally, our loans grew by approximately 10 percent and our net interest margin grew by approximately 20 percent, reflecting our focused pursuit of sustained profitability."