Bankwell Financial (BWFG) in New Canaan, Conn., plans to raise nearly $61 million by selling common and preferred stock.
The $780 million-asset company on Friday filed documents to sell up to $50 million in common stock and nearly $11 million in preferred stock. Bankwell filed to sell 10,980 shares of preferred stock; the filing did not detail how many shares of common stock the company plans to sell or a potential price per share.
Bankwell said it could use proceeds from the offerings to fund loans and buy investment securities through its bank. It could also use some of the funds for acquisitions, including its pending purchase of Quinnipiac Bank & Trust in Hamden, Conn.
The $15 million acquisition is Bankwell's second since hiring Peyton Patterson as president and chief executive in April 2012. Last year, the company once known as BNC Financial, bought Wilton Bank for $5 million, raised capital and rebranded as Bankwell.