VIST Financial Corp. in Wyomissing, Pa., notified investors Thursday that it is planning to raise up to $30 million in a stock offering.
The $1.4 billion-asset company said in a Securities and Exchange Commission filing that it would use the proceeds for general purposes that would include beefing up the capital levels at its bank subsidiary, VIST Bank. At March 31, the bank's total risk-based capital ratio was 12.43%, which is above well-capitalized levels.
VIST did not say if any of the proceeds would be used to repay the $25 million it received from the Treasury Department's Troubled Asset Relief Program in late 2008.
Stifel, Nicolaus & Co. Inc. will act as book runner for the offering and Sandler O'Neill & Partners LP will manage it.
VIST said it has not yet priced the offering or determined when it would take place. At least some of the shares would be reserved for existing shareholders who have expressed an interest in increasing their investment, the company said.
VIST's shares were trading at $6.75 Tuesday afternoon, down 2.2% from Wednesday's close.