E*TRADE (ETFC) Completes Common Stock Offering With $550 Million in Gross Proceeds
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E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) has closed its Common Stock Offering, which raised gross proceeds of $550 million. This includes proceeds from the sale of 65,000,000 shares issued upon exercise of the underwriters' over-allotment option. When combined with the $65 million raised under its previously disclosed Equity Drawdown Program, the Company has raised more than $600 million of cash common equity this quarter. The net proceeds, after commissions, from equity offerings in the second quarter were approximately $586 million.
"Completion of these capital raising transactions is the first and most important step in implementing our capital plan. As we continue to work toward the implementation of the unfinished portion of the capital plan, we believe the growth potential of our online brokerage business will continue to strengthen."
The E*TRADE FINANCIAL family of companies provides financial services including trading, investing and related banking products and services to retail investors.[SM]
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