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Friedman, Billings, Ramsey Group, Inc. announced today the initial public offering of 11,000,000 shares of common stock at a price of $20 per share.
Concurrently with the offering, Friedman, Billings, Ramsey Group, Inc.
has entered into a strategic alliance with PNC Bank Corp. (NYSE: PNC -
news), whereby PNC agreed to purchase a 4.9% interest in FBR.
FBR's strategy is to target specific industry sectors where it believes
it can develop a unique research perspective. The Company then uses its
research perspective together with its capital markets expertise to
provide value for its clients. Using this approach, FBR has achieved a
50% compounded annualized growth rate in revenues since its inception in
1989 through November 30, 1997.
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