MILWAUKEE, WI., Oct. 22 (TOTI) --

Regional bank NEW M&I CORPORATION (NYSE: MI) is looking to get out from under the TARP by selling $782 million of shares via a public stock offering.

The Milwaukee-based firm received $1.7 billion earlier this year from TARP.

M&I plans to sell 136 million shares at $5.75 each, which will raise a total of $782 million. The equity markets seem to be responding positively to moves of this nature. M&I did a similar offering in June that resulted in $500 million of capital. The moves are designed to bolster investor confidence in the financial condition of the bank.

Marshall & Isley appears confident about demand for the transaction. They have already authorized their underwriters to be ready to issue up to 20.4 million more shares if demand exceeds initial supply. If these shares sold, an additional $117.3 million could be brought in.

The bank company operates 375 banks and has been suffering from loan losses, like most of its rivals. Analysts think the new moves will help shore up significant financial difficulty for the company, which lost $248.4 million in their last quarter.

Courtesy: WSE

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