Investment bank Stifel Financial Corp. said Wednesday that the underwriters of its recent public offering exercised their overallotment option in full, buying an additional 285,000 shares of common stock.
The underwriters purchased the additional shares from BankAtlantic Bancorp Inc., one of the selling stockholders.
Including the overallotment option, the stock offering totaled roughly 2.2 million shares, which were sold for $40 apiece. BankAtlantic sold about 1.9 million shares, while the Western and Southern Life Insurance Co. offered the remaining 300,000 shares.
Stifel will not receive any proceeds from the offering, which is expected to close on Monday.
Stifel, Nicolaus & Co., Merrill Lynch & Co., Keefe, Bruyette & Woods and Fox-Pitt Kelton Cochran Caronia Waller served as underwriters.
Stifel shares closed Tuesday at $44.89.
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