Robert, News today. Of course the news came out AFTER I bought. I don't understand why a company with cash reserves needs to offer more shares? martin
SouthTrust Commences Common Stock Offering
BIRMINGHAM, Ala., Sept. 29 /PRNewswire/ -- SouthTrust Corporation (Nasdaq:SOTR), commenced the distribution of a preliminary prospectus supplement relating to the proposed offering of 2.5 million shares of common stock through a previously filed shelf registration statement, announced Wallace D. Malone Jr., chairman and chief executive officer of SouthTrust.
Underwriting of the offering is being managed by Merrill Lynch & Co. Co- managers for the offering are Credit Suisse First Boston, J.C. Bradford & Co., Interstate/Johnson Lane and Morgan Keegan & Company, Inc.
Malone said proceeds from the offering would be used for general corporate purposes.
SouthTrust Corporation, a $29.2 billion regional bank holding company, operates 531 offices in Alabama, Florida, Georgia, Mississippi, Tennessee and the Carolinas. SouthTrust offers a complete line of banking and related financial services to commercial and retail customers.
SouthTrust Corporation common stock trades on The Nasdaq Stock Market under the symbol SOTR. |
