M&I hopes to raise $350M in stock offering-WEB ONLY

Milwaukee-based Marshall & Ilsley Corp. said today it will sell up to $350 million of its common stock directly to the market and use the money for general corporate purposes.

The bank, which has about 30 branches and 390 employees in the Indianapolis area, said it may also use some of the proceeds to repay part of the federal government’s $1.7 billion investment in the bank under the Troubled Asset Relief Program.

M&I wasn’t among the 19 largest U.S. banks to undergo the government’s “stress test” analysis, so it wasn’t ordered to raise additional capital. But analysts have still expressed concern over its capital levels.

At least four other large banks have turned to the capital markets recently to raise cash.

M&I operates 375 branches, primarily in Wisconsin, Arizona, Florida, Indiana and Minnesota.

The company acquired First Indiana Bank in January 2008 for $529 million to establish its presence in Indianapolis.

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