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Fortune Bank kicks off IPO.

BANKING AND CREDIT NEWS-24 June 2010-Fortune Bank kicks off IPO(C)1994-2010 M2 COMMUNICATIONS

24 June 2010 - US commercial lender Fortune Bank said that it has launched an IPO of 40 million common shares.

Keefe Bruyette & Woods has been named lead book-runner of the offering. Besides, RBC Capital Markets and FBR Capital Markets are serving as co-managers.

Fortune Bank cited plans to provide the underwriters with a greenshoe option for up to a further 6 million shares, which will be exercisable over a 30-day period.

The share price is seen to be set at between USD8.00 (EUR6.471) and USD10.00.

The funds raised will go for bankrolling internal growth, takeovers and general corporate operations. The lender said that it planned to list the ordinary shares on the NASDAQ Global Market under the symbol FBBC.

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 24, 2010
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