BofI to Raise $18.6M Through Stock Sale

BofI Holding (BOFI) in San Diego plans to raise $18.6 million through a private placement of preferred stock.

The $2.4 billion-asset company will use the proceeds for general corporate purposes such as capital contributions to the bank to support asset growth, it said Tuesday.

BofI received subscription agreements for 1,857 shares of Series C preferred stock with unnamed investors. Each share has a face value of $10,000. Holders of the stock will be entitled to receive noncumulative cash dividends at an annual rate of 6% and may convert the shares into common stock at an initial conversion price of $30.50 per share.

Since June 2011 BofI has raised roughly $34.8 million.