In Brief: Subprime Specialist's IPO Generates Interest

Several investors have snapped up big hunks of Life Financial Corp. since its initial public offering on June 24.

On Wednesday, Financial Stocks Inc., Cincinnati, disclosed in a federal filing that it has a 6.5% investment stake in the thrift holding company, which specializes in subprime mortgages. The firm said it holds 423,500 shares of Life Financial, which were purchased between June 25 and July 7 for $11 to $15.44 apiece.

On July 3, Fort Lee, N.J.-based Kramer Spellman LLP announced that it held a 6.39% stake, or 390,000 shares, in Life Financial, for a total value of $2.1 million. Kramer Spellman purchased 135,000 shares during Life's initial public offering.

And Keefe, Bruyette & Woods Inc., which underwrote Life Financial's initial public offering, exercised its overallotment option to acquire an additional 435,000 shares, Life Financial announced Monday. The shares, which were purchased at $11, raised additional proceeds of $4.8 million for Keefe.

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