The board of directors of Birmingham Bloomfield Bancshares Inc., the holding company for the Bank of Birmingham, announced Monday that fundraising for its initial public offering has surpassed its maximum target of $18 million.

"We set out to raise between $13 million and $18 million in capital to organize our new bank. The overwhelming response to the bank's IPO validates what the management team considered to be a strong local market opportunity," said Robert Farr, president and CEO of both the holding company and the bank, in a released statement.

The excess amount, nearly $500,000, will be returned to subscribers.

The bank has two locations it opened last summer - on Woodward in Birmingham, just south of the downtown business district, and on Maple in Bloomfield Township, next to the Maple Theatre.