Summit Bancorp plans to sell up to $1 billion in debt and stock and may use some of the proceeds for acquisitions, according to a filing with the Securities and Exchange Commission.

The banking company said Thursday it would use funds from the sales for "general corporate purposes," including debt servicing, share buybacks, and acquisitions of bank and nonbank subsidiaries.

Summit, with $32 billion of assets, has made no secret of its desire to expand. This month, it will launch an $825 million-asset Connecticut subsidiary, forged with recent acquisitions of New Canaan Bank and Trust and NSS Bancorp. In February, the bank agreed to a $292 million deal for Prime Bancorp of Fort Washington, Pa.

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