Susquehanna Bancshares Inc. of Lititz, Pa., announced it is raising as much as $395 million in capital and said it could use some of the money to repay the Treasury Department.

The $13.7 billion-asset company said late Monday that it had commenced a $300 million common stock offering, which could swell by $45 million if underwriters exercise the overallotment. It is also offering $50 million in cumulative trust-preferred securities.

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