First Connecticut Bancorp has increased the number of shares it is planning to sell in an initial public offering (IPO), The Wall Street Journal reports. The U.S. lender is expected to sell up to 17.2 million shares if there is enough demand.
The Connecticut-based bank was initially planning to sell around 13.2-15.2 million shares. First Connecticut Bancorp will also be issuing additional shares equal to 4% of the total number issued in the offering that will go to a charitable foundation established by Farmington Bank, its operating bank subsidiary.
Click here for the story from The Wall Street Journal.