Metropolitan Bank Holding in New York is planning to raise up to $172.5 million from selling common stock.
The $5.8 billion-asset company said in a press release Monday that it plans to sell $150 million in public stock offering. The underwriters have an option to buy another $22.5 million of common stock.
Metropolitan said it plans to use the net proceeds for general corporate purposes that could include the repayment or redemption of outstanding debt, share repurchases, investments in the bank and possible acquisitions, among other things.
J.P. Morgan and Keefe, Bruyette & Woods are the joint book-running managers.