The New York-based bank sells shares of common stock to raise capital.
Intervest Bancshares Corp. expects to raise approximately $19.1 million in net proceeds from an upcoming equity sale. The company will sell 10.6 million shares of common stock in an offering that is expected to close Oct. 20.
The New York-based firm declined to fully explain the motivation behind the equity offering in a company release, but it did say that banking subsidiary Intervest National Bank would receive a capital injection.
Intervest National Bank's headquarters is located in New York City, but the bank also operates six banking offices in Clearwater and Gulfport.