The offering includes proceeds from the sale of 65 million shares issued upon exercise of the underwriters' over-allotment option.

When combined with the $65 million raised under its equity drawdown program, the company said that it has raised more than $600 million of cash common equity this quarter. The net proceeds, after commissions, from equity offerings in the second quarter were approximately $586 million.

JP Morgan Securities and Sandler O'Neill & Partners were joint book-running managers and E*Trade Securities was co-manager of this public offering.

Donald Layton, chairman and CEO of E*Trade Financial, said: "We are very pleased with the results of our common equity offerings, which provide funds to bolster E*Trade Bank's capital and also to enhance the liquidity of the parent company.

"Completion of these capital raising transactions is the first and most important step in implementing our capital plan. As we continue to work toward the implementation of the unfinished portion of the capital plan, we believe the growth potential of our online brokerage business will continue to strengthen."

A service of YellowBrix, Inc.