By Sheri Kasprzak
New York, April 17 - Federal Trust Corp. said it has closed an $8.5 million private placement of its stock.
A group of accredited investors bought 850,000 shares. The price per share is a 10.7% discount to the company's $11.20 closing stock price on April 13.
The proceeds will be used for the retirement of debt and for working capital.
Ryan Beck & Co., Inc. was the placement agent.
Located in Sanford, Fla., Federal Trust is the holding company for Federal Trust Bank, which operates at seven offices in Florida.
| Issuer: | Federal Trust Corp.
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| Issue: | Stock
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| Amount: | $8.5 million
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| Shares: | 850,000
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| Price: | $10.00
|
| Warrants: | No
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| Placement agent: | Ryan Beck & Co., Inc.
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| Settlement date: | April 17
|
| Stock symbol: | Amex: FDT
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| Stock price: | $11.20 at close April 13
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