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 Friedman, Billings, Ramsey Group, Inc.  announced today the initial public offering of 11,000,000 shares of common stock at a price of $20 per share.  Concurrently with the offering, Friedman, Billings, Ramsey Group, Inc. has entered into a strategic alliance with PNC Bank Corp. (NYSE: PNC - news), whereby PNC agreed to purchase a 4.9% interest in FBR. FBR's strategy is to target specific industry sectors where it believes it can develop a unique research perspective. The Company then uses its research perspective together with its capital markets expertise to provide value for its clients. Using this approach, FBR has achieved a 50% compounded annualized growth rate in revenues since its inception in 1989 through November 30, 1997. | ||||||||||||||
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