Howard Bancorp in Ellicott City, Md., is planning to raise $36 million.
The $1 billion-asset company said in a press release Friday that it plans to sell 2.4 million shares of common stock at $15 each. Howard said it could sell another 360,000 shares if there is enough demand.
The company said it intends to use the net proceeds for general corporate purposes, including contributing capital to its bank, repaying debt and funding acquisitions.
Raymond James is the bookrunning manager; Stephens Inc. is the lead manager.