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.