The management of 1st Constitution (FCCY) in Cranbury, N.J., is planning to raise up to $7 million through a rights offering.
The $777 million-asset company said it wants more capital to expand and for "general corporate purposes." The company exited the Troubled Asset Relief Program nearly two years ago.
The company has yet to set an offer price, though it estimates that it will raise $4 million to $7 million if the offering is fully subscribed. The company had a total risk-based capital ratio of 12.5% at June 30.
The offering will begin as soon as the Securities and Exchange Commission approves the registration statement, which was filed on Thursday.
