People's United Bank in Bridgeport, Conn., expects to raise $400 million through an offering of subordinated debt.

The notes will carry an interest rate of 4% and will mature in July 2024.

The $33 billion-asset bank, a subsidiary of People's United Financial (PBCT), plans to use the net proceeds to fund loans and investment securities, according to a press release Monday.

Jefferies is the sole bookrunner, while Goldman Sachs and J.P. Morgan Securities are acting as co-managers for the offering.

People's United has been expanding its branch network in recent years, including through its acquisition in 2012 of 56 locations from Citizens Financial Group. The bank currently operates over 400 offices in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

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