At least two community banking companies announced plans Tuesday to raise capital, some of which may be used to repay government capital.
National Penn Bancshares Inc. of Boyertown, Pa., said it would seek to raise $125 million through the sale of common stock. The $9.8 billion-asset company said it could use the proceeds for a variety of purposes, including repayment of some of the Treasury Department's $150 million of preferred shares as well as making acquisitions. (National Penn said it "does not have any specific plans for acquisitions [or] other business combinations.")
The $2.6 billion-asset Union Bankshares Corp. of Bowling Green, Va., said it would try to raise $62.5 million for "general corporate purchases" and for the possible repurchase of the government's preferred shares. Union's deal to buy the $1.4 billion-asset First Market Bank of Richmond, Va., is expected to close next quarter; together the two institutions received $92.9 million through the Troubled Asset Relief Program.
Also Tuesday, Hanmi Financial Corp. of Los Angeles said it had received $6.9 million of the $11 million that Leading Investment and Securities Co. Ltd., a Korean broker-dealer, had committed to invest in July.
The rest of the investment will come "following the applicable regulatory approvals," the $3.9 billion-asset Hanmi said, and it is in talks with Korean investors about a larger infusion.