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Banks from New Jersey to California are going public with offerings ranging from $23 million to $223 million. The banks will use the proceeds to do everything from buy other institutions to retire debt. Following is a look.
First Bank's Modest Offering
The Hamilton, N.J., company raised roughly $23 million in November, selling 3.8 million shares at $6 each. It used the proceeds to acquire Heritage Community Bank and fund future growth opportunities. First Bank's (FRBK) stock has risen by more than 8% so far this year.