June 11, 2009 (FinancialWire) — Marshall & Ilsley Corp. (NYSE: MI) has launched a public offering of $400 million of its common stock. Morgan Stanley & Co. (NYSE: MS) and Barclays Capital (NYSE: BCS) are acting as joint book-runners.

The underwriters in this offering will be granted an option to purchase up to an additional 15 percent of the shares sold.

M&I plans to use the net proceeds of this offering, which it estimates will be around $384 million, for general corporate purposes and may contribute some portion of the net proceeds to the capital of its subsidiaries, which will use these contributions for their general corporate purposes.

The company said it may decide to repurchase a portion of its senior preferred stock, series B issued to the United States Department of the Treasury as part of its Capital Purchase Program with all or a portion of the remaining net proceeds of this offering. Any such repurchase would be subject to consultation with and approval by M&I’s banking regulators.

Milwaukee-based Marshall & Ilsley is a financial services corporation with $61.8 billion of posted assets. M&I Marshall & Ilsley Bank operates 193 offices throughout the state of Wisconsin.

M&I also has locations in Arizona, Indiana, Florida, Kansas City, Minnesota and one office in Las Vegas, Nevada. M&I’s Southwest Bank subsidiary has 17 offices in the greater St. Louis area. M&I also provides trust and investment management, equipment leasing, mortgage banking, asset-based lending, financial planning, investments, and insurance services from offices throughout the country and on the internet.

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