February 17, 2012

SecondMarket Inc., the private shares marketplace that rose to prominence through its relationship with Facebook Inc., is expanding into the secondary market for bank shares.

The firm began a trial program today in New York, New Jersey, Texas and Pennsylvania to create a secondary market for shares of closely held community banks, according to Caryn Feinberg, SecondMarket’s senior vice president. The effort is designed to give banks new avenues to raise capital and provide a “robust” new marketplace for the company, Feinberg said in a telephone interview.

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