The Bancorp (TBBK) in Wilmington, Del., plans to raise $50 million through a common stock offering.
The $3.1 billion-asset company said on Monday that it will use the funds for general corporate purposes, including growth initiatives. The shares will be issued as part of an existing shelf registration filed with the Securities and Exchange Commission, the company said.
Separately, United Community Bancorp (UCBA) in Lawrenceburg, Ind., said it has increased the purchase limits for its stock offering as it pursues a second-step conversion.
The parent of the $504 million-asset United Community Bank said Monday that it "has not yet received orders for a sufficient number" of shares to complete the offering. To complete the switch to a stock company from a mutual holding company, United Community must sell a minimum of roughly 3 million shares.
United Community is increasing the maximum purchase limits for individuals and groups to 5% of the shares sold in the offering. The company also has received regulatory approval to further increase the purchase limit, without additional notice and certain conditions, to 9.99% of the total number of shares to be sold.
United Community said it intends to extend the community offering and solicit additional purchasers. The company announced plans for the conversion last year.