Two Middle Atlantic companies are seeking to bolster their common equity.
WSFS Financial Corp. announced Monday that it plans to raise $40 million through an offering of common stock. The equity would be used for organic and acquisitive growth. In June, the $3.8 billion-asset company announced plans to buy Christiana Bank and Trust Co. from National Penn Bancshares Inc. for $34.5 million.
WSFS also said it could use the capital to repurchase the $52.6 million of preferred stock it issued to the Treasury Department as part of the Troubled Asset Relief Program.
First Commonwealth Financial Corp. in Indiana, Pa., announced Monday that it has commenced a $75 million common stock offering, which the $6.1 billion-asset company said would go toward "working capital."
