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E*TRADE prices preferred stock offering for Trust Co. of America acquisition

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E*TRADE prices preferred stock offering for Trust Co. of America acquisition

E*TRADE Financial Corp. has priced its offering of $300 million of depositary shares with a liquidation preference of $1,000 per share, each representing a 0.01 interest in a share of fixed- to floating-rate noncumulative perpetual preferred stock.

E*TRADE intends to use the net proceeds from this offering to fund the purchase of Trust Co. of America Inc. The transaction is expected to close in the first half of 2018, subject to customary closing conditions and regulatory approvals. If the purchase does not occur, the proceeds will be used for general corporate purposes.

Credit Suisse, J.P. Morgan and Wells Fargo Securities are joint book-running managers for the offering.