Peapack-Gladstone Financial (PGC) in Bedminster, N.J., has launched a $42 million rights offering.

The $1.8 billion-asset company said Friday that it would issue subscription rights to shareholders that will entitle them to buy about 0.27 share of common stock at $17 a share. Shareholders as of Oct. 21 will receive one subscription right for each share of common stock owned.

Any unsold shares will be offered to institutional investors at the same price. The rights offering will expire on Dec. 9.

Peapack-Gladstone expects to net $40.5 million from the sale. It plans to use the funds for general corporate purposes, which may include increasing capital, pursuing expansion plans or targeting other strategic opportunities.

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