FCA’s shareholders OKd an increase in shares.
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The approval increased the number of authorized shares of common stock to 200 million from 100 million shares. Financial Corp. of America now has about 36 million shares outstanding but wants the power to issue substantial additional shares as a possible of way of raising new capital. FCA’s operating subsidiary, American Savings & Loan, needs nearly $1 billion in capital to bring it into compliance with standards set down by the Federal Home Loan Bank Board.
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