In Brief: Former CU Rainier Jumps 70% in First Day
Shares of Rainier Pacific Financial Group of Fife, Wash., rose almost 70%, to $17, on Tuesday, their first day of trading.
The rise meant millions for directors and executives who bought into the initial public offering of the former Rainier Pacific Credit Union. Directors, who had subscribed to 980,000 shares at the $10 initial offering price, made almost $6.9 million in one-day profits. Executive officers subscribed to 1.14 million shares and made a quick $8 million. Rainier Pacific was the sixth converted credit union to go public.