Blue Valley Ban Corp (BVBC) in Overland Park, Kan., plans to sell up to $10 million of stock in a subscription rights offering.
The $632 million-asset company will offer up to 2 million shares of common stock at $5 each, according to a regulatory filing. Shareholders will receive one right for each share of common stock owned as of Oct. 29. Each subscription right entitles shareholders to buy 0.68 share of common stock.
The offering will expire on Jan. 15.
Blue Valley plans to use $4.1 million of proceeds to pay dividends on subordinated debt. Any remaining proceeds will be used for general corporate purposes.