Empire Financial raises $2.8 million from convertible preferreds

By Sheri Kasprzak

New York, March 16 - Empire Financial Holding Co. said it has concluded a private placement of convertible preferred stock for $2,805,000.

The company sold 863,074 shares of the preferreds at $3.25 each to institutional and accredited investors. The preferreds pay annual dividends at 4%.

The other terms of the offering could not be determined Thursday evening.

The investors received warrants for 431,537 shares. The terms of the warrants were unavailable at press time Thursday.

Proceeds will be used to open new offices, expand the company's investment banking business and extend the network of its independent brokerage offices.

Based in Longwood, Fla., Empire Financial is a retail brokerage firm.

The company's stock fell $0.011 to close Thursday at $3.639 (Amex: EFH).

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