NEW YORK - An initial offering of 850,000 million common shares of Commercial Bankshares of Miami was priced at $11.50 each through underwriters led by Advest.

The parent of Commercial Bank of Florida had expected the shares to be offered at $11 to $13. Delivery is set for Oct. 14.

Commercial Bankshares said proceeds are expected to be used for acquisitions or investment, to redeem preferred stock, for dividends, and for working capital or general use.

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