Federal Trust Corp., a holding company based in Sanford, Fla., has announced the sale of 850,000 shares of its common stock at $10 per share in a private placement aimed at raising funds to support mortgage subsidiary operations, among other things.Federal Trust estimated net proceeds at $7.9 million. "Approximately $5.5 million of the proceeds from the offering will be used to repay our holding company revolving credit line," said James V. Suskiewich, the company's president and chief executive officer. Federal Trust can be found on the Web at http://www.federaltrust.com.
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