M&I sells stock to Feds
Late last week, Marshall & Ilsley Corp. sold 1.7 million shares of its Senior Preferred Stock, Series B, to the U.S. Department of the Treasury in return for $1.7 billion in cash.
In addition, M&I issued a warrant to the Treasury, allowing it to purchase 13.8 million shares of M&I common stock at an exercise price of $18.62 per share.
This transaction is part of Treasury’s Capital Purchase Program, which is designed to infuse capital into the nation’s healthiest and strongest banks.
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Marshall & Ilsley is the Milwaukee-based parent company of M&I Bank.
