E*TRADE FINANCIAL closed its Common Stock Offering raising more than $600 Millio

E*TRADE FINANCIAL Corporation, which provides financial services including trading, investing and related banking products and services to retail investors, Tuesday declared about closing of its Common Stock Offering. The Corporation raised $550 million in gross proceeds, including those from sale of 65,000,000 shares. Adding to $65 million previously raised under its Equity Drawdown Program, the company raised totally more than $600 million of cash common equity this quarter. The net proceeds were approximately equal to $586 million.

Company’s CEO and Chairman Donald H. Layton said in a statement: “We are very pleased with the results of our common equity offerings. Completion of these capital raising transactions is the first and most important step in implementing our capital plan. As we continue to work toward the implementation of the unfinished portion of the capital plan, we believe the growth potential of our online brokerage business will continue to strengthen.”

This public offering was co-managed by E*TRADE Securities LLC. Sandler O’Neill & Partners, L.P. and J.P. Morgan Securities Inc. were joint managing underwriters.