MFH Financial Places $24M of Securities

MFH Financial Trust I, a subsidiary of Midland Financial Holdings Inc., has announced the completion of the sale of $24 million of 9.5% trust preferred securities in a private placement.The trust will use the proceeds to acquire junior subordinated debentures issued by Midland, an indirect subsidiary of Baltimore-based Municipal Mortgage & Equity LLC, also known as MuniMae. The trust preferred securities have an initial annual dividend rate of 9.5%. The offering, combined with a $60 million offering of trust preferred securities in May, "has allowed us to finance a significant portion of [Midland's] taxable business with attractively priced long-term capital," said Mark K. Joseph, MuniMae's chairman and chief executive officer. MuniMae can be found online at http://www.mmafin.com.