QNB Corp. in Quakertown, Pa., plans to raise at least $42.3 million by selling common stock.
The company said in a press release that it will sell nearly 1.1 million shares of stock at $42 each. It could sell another 161,000 shares if there is enough demand.
Proceeds could be used for a balance sheet restructuring that includes selling securities, redeeming subordinated debt, funding loans, and supporting capital ratios, among other things.
Brean Capital is the lead book-running manager. Performance Trust Capital Partners is the joint book-running manager.