Unity Bancorp in Clinton, N.J., has a deal in place to sell $15 million in common stock over time.
The $1.2 billion-asset company disclosed in a regulatory filing Friday that it entered into an agreement with Keefe, Bruyette & Woods to sell the shares, either in the open market or through negotiated transactions.
Unity said it would pay Keefe, Bruyette & Woods a commission equal to 2.5% of the gross proceeds from any stock sold.
The company said net proceeds would be used for general corporate purposes, which may include working capital for its bank and to support possible acquisitions of other financial institutions.
