Northeast Bank in Portland, Maine, could sell up to $50 million of common stock as part of an at-the-market offering.
The $1.7 billion-asset bank said in a press release that it had entered into an equity distribution agreement with Piper Sandler to offer and sell the stock.
Northeast said any proceeds from the sale would be used for a variety of purposes, including the support of additional growth.
Any sales would be made in negotiated transactions at market prices prevailing at the time of sale or at negotiated prices.