SAN DIEGO — M.D.C. Holdings Inc., a Denver-based home builder that also operates a small mortgage banking business, has acquired 1 million shares, or about 6.9%, of Imperial Corp. of America's outstanding shares, ICA said Thursday.
The home builder's stock acquisition was made for "investment purposes," according to M.D.C. Vice President Mike Feinstein. However, in a filing Thursday with the Securities and Exchange Commission, M.D.C. indicated that it "might alter its intentions including, without limitation, acquiring additional shares or disposing of any shares."
ICA declined to comment on M.D.C.'s stock purchases, although the company knew that its new shareholder began buying stock in August. The total amount paid by M.D.C. for the shares was unavailable late Thursday afternoon.
ICA, with about $10 billion in assets, owns San Diego-based Imperial Savings Assn., a California-licensed savings and loan with 89 branch offices in California. Its stock, which traded at a high of $19.625 in the last year, closed up $.25 at $10.375 Thursday.