05:30 AM EDT, 05/10/2024 (MT Newswires) -- Provident Financial Services ( PFS ) said late Thursday it priced a registered public offering of $225 million of 9% fixed-to-floating rate subordinated notes due 2034.

The notes will bear interest at an initial fixed rate of 9% and subsequently, at a floating rate based on the secured overnight financing rate.

Net proceeds will be used for investments in securities, and for other general corporate purposes, the company said.

The offering, which has been upsized from $200 million, is expected to close on or about May 13, subject to customary closing conditions.