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Mortgage lender to sell more stock

IndyMac Bank plans 3.2 million-share offering

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IndyMac Bancorp, the holding company for IndyMac Bank, has planned a public offering of 3.2 million shares of its common stock, the company announced today. The offering price will be determined by market conditions at the time of pricing in consultation with the underwriters of the offering. The book-running manager for the offering is Lehman Brothers. Morgan Stanley is acting as co-manager for the offering. IndyMac intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 480,000 shares of its common stock to cover over-allotments, if any. The company intends to use the net proceeds from the sale of stock for general corporate purposes, including continued asset growth, the acquisition of Financial Freedom and other uses. A shelf registration statement has been filed with the Securities and Exchange Commission and is effective. IndyMac expects the proposed sale of the securities to commence within the next few days. IndyMac Bancorp i...