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Flagstar Bancorp completes $94 million stock sale

By Associated Press
May 20, 2008 | Comments (0)

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Flagstar Bancorp Inc. raised $94 million by selling 12 million shares of stock and a special class of preferred stock, the bank said Tuesday.

Flagstar sold most of the common stock at $4.25 per share to institutional investors. The company sold the preferred stock, which pays an annual interest rate and can be converted to common stock at a rate of $4.25 per share, for $1,000 each.

Flagstar runs 167 banks in the Midwest.

The company plans to use the money to bolster its finances.

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