Peapack-Gladstone Financial in Bedminster, N.J., has filed a shelf registration statement to sell as much as $100 million in securities.
The $3.8 billion-asset company said that it registered an indefinite amount of securities that include common stock, preferred stock, debt, warrants and depository shares. The securities will be issued periodically at yet-to-be-determined prices and are not to exceed $100 million, the company said in a regulatory filing.
"This shelf registration will enable us to efficiently take advantage of the capital markets from time to time in the future, if and as needed to support growth associated with our plans," Doug Kennedy, the company's president and CEO, said in a press release Tuesday.
In June the company said it had raised $50 million in subordinated debt and that it was considering more acquisitions in wealth management. Peapack-Gladstone bought Wealth Management Consultants, a Morristown, N.J., firm that specialized in serving ultra-high-net-worth customers, last year.
A number of community banks are expected to pursue aggressive growth strategies next year after raising capital during the current stock market surge. As of early December, at least a dozen publicly traded banks had announced plans to sell common stock with an aggregate value of more than $1 billion.