Bank holding company Select Bancorp Inc. has begun a $52 million secondary offering, according to a filing Monday with the Securities and Exchange Commission.

The Dunn-based company said it plans to use the money to make investments in the Bank, to enhance its capital position and that of the bank, and for general corporate purposes. It sold 4.5 million shares at $12 a share.

The underwriter of the offering was Atlanta-based FIG Partners LLC, which has an option to purchase an additional 15 percent of Select stock.

FIG Partners specializes in brokerage services for banks and thrifts.

Founded in 2000, Select Bancorp is a bank holding company that conducts operations through its wholly owned subsidiary Select Bank & Trust Co. It offers a wide range of retail, small business and commercial banking products and services.

Select Bancorp operates branch offices in North Carolina and South Carolina including Dunn, Charlotte, Elizabeth City, Raleigh, Fayetteville, Goldsboro, Greenville and Wilmington.

The second quarter, the company reported net total interest income of $11.9 million, up from total interest income of $8.3 million in the second quarter of 2017.

Select Bancorp’s shares closed Monday at $12.21, down 86 cents, or 6.58 percent.