Norwood Financial in Honesdale, Pa., raised $29.9 million from selling common stock.
The $2.3 billion-asset company said in a press release that it sold about 1.2 million shares of stock at $26 each. The sales included 150,000 shares set aside to cover added demand.
Norwood said it expects to use the net proceeds for investment into its bank after it repositions its securities portfolio. Proceeds could also be used to buy back stock and for acquisitions.
Piper Sandler was the lead book-running manager. Janney Montgomery Scott was the joint book-running manager.