BNC Bancorp in High Point, N.C., has filed to sell up to $150 million in securities.

The $3.7 billion-asset company said in a filing Tuesday that it could issue common and preferred stock, debt securities and other securities from time to time.

BNC, an aggressive acquirer in recent years, said in the filing that it could use proceeds from any offerings to bolster its banking and commercial lending operations, buying back common stock and acquisitions, among other things. The company said it would specify the principal purpose for any offering at the time of a proposed sale.

Subordinated debt is the most likely scenario, Stephen Scouten, an analyst at Keefe, Bruyette & Woods, wrote in a Thursday note to clients. "In speaking with management, we are confident that no common will be raised," he added.

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