The company has used money raised through stock sales to acquire other companies and expand its business group.

At the time of the stock sales, there had been no registration statement in effect.

There have been five stock sales, in 1923, 1935, 1950, 1997, and 2011.

Since then, banks have raised new capital by stock sales.

He said the stock sales in the first six months of this year produced about $80 million.

A year later, he took it public in one of 1995's most successful stock sales.

The stock sales have nothing to do with the state of the market.

He earned at least $320,000 during his time there, including later stock sales.

After public offerings and stock sales, he still holds about 25 percent.

The cash raised from those stock sales, the experts believe, is now going into stocks.