HomeStreet Bank's parent company finally completed its much postponed initial public offering Friday.
HomeStreet Bank’s parent company finally completed its much postponed initial public offering Friday.
According to Bloomberg, the 90-year-old Seattle financial-services company sold 1.8 million shares at $44 apiece. That would raise gross proceeds of nearly $80 million.
Under the Nasdaq ticker HMST, shares of HomeStreet Inc. began changing hands late in the trading day and climbed 9.1 percent to close at $48.
Facing a tough market for bank IPOs during 2011, the company repeatedly postponed its offering and scaled down the amount it sought to raise. It first proposed in May 2011 to raise as much as $210 million.
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It has operated since May 2009 under regulatory orders to raise more capital. In its recent filings the company said it expected the IPO proceeds to be sufficient for regulators to relax their order.