Virginia Commerce Bancorp Inc. in Arlington plans to raise as much as $150 million of fresh capital, according to a shelf registration statement the company filed Wednesday with the Securities and Exchange Commission.
The registration would allow the $2.8 billion-asset company to offer shares of common stock, preferred stock, warrants or subordinated debt securities, from time to time.
The company said it would use the proceeds for general corporate purposes.
It said it may also use the funds to repay the $71 million investment it received from the Treasury Department through the Troubled Asset Relief Program.
However, Peter Converse, the company's chief executive officer, said on an earnings call in April that Virginia Commerce would likely hang on to capital as a cushion against asset-quality issues before considering a Tarp repayment.
