Valley National Bancorp in Wayne, N.J., is selling stock so it can make more loans.
The $22 billion-asset company said in a press release Thursday that it is looking to sell 8.4 million shares of common stock, though it could sell another 840,000 shares if there is enough demand. Based on the company's closing stock price Thursday, the offering could bring in up to $111 million.
Valley said it intends to use the proceeds for general corporate purposes, including an increase in the size of its loan portfolio.
Keefe, Bruyette & Woods is the book-running manager for the offering.
Valley said in August that it prepaid $405 million of Federal Home Loan Bank borrowings that were due to mature in 2018, incurring a $20 million penalty. It refinanced the borrowings in a restructuring that it expects will save it about $4.8 million a year.