Citadel Hopes to Raise Additional $31.5 Million
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Citadel Holding Corp., the Glendale-based parent of Fidelity Federal Bank, said its stockholders of record last Friday will be eligible to receive rights to buy additional shares under a previously announced distribution plan.
The rights give the holders the opportunity to buy one Citadel common share for $10 for every share they currently own.
The rights are due to expire March 15.
If the offering is fully subscribed, Citadel said it expects to reap net proceeds of about $31.5 million, part of which would be used to bolster Fidelity Federal’s capital base.
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