Lakeland Bancorp (LBAI) is planning to raise more than $25 million through two offerings.
The Oak Ridge, N.J., company said Wednesday that it will sell about 620,000 shares of common stock in a public offering at $9.65 a share. On Tuesday, Lakeland said it had entered into a separate securities purchase agreement with institutional investors to sell nearly 2 million shares at the same price.
The combined capital raise will help the $3 billion-asset company redeem $25 million in junior subordinated debt with a coupon rate of 7.5%. Lakeland said it plans to redeem the debt on Oct. 7, subject to regulatory approval.
The company, which exited the Troubled Asset Relief Program in February, said it expects to sell the common stock on Sept. 4.