Constellation Bancorp of Elizabeth, N.J., on Monday announced a rights offering and debt-for-equity conversion aimed at raising capital ratios to regulatory minimums at the holding company and its main subsidiary.

The recapitalization is expected to raise approximately $75 million, including $58 million from the rights offering and $17 million from the conversion of debt, according to a filing with the Securities and Exchange Commission.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.