SAN DIEGO, Calif.–(PRNewswire)–Bank of Southern California, N.A. (OTC Pink: BCAL) announced today the completion of a capital raise of approximately $26 million through the issuance of common stock in a private placement to institutional and accredited individual investors at a price of $14.75 per share.
A portion of the capital raised will be utilized to complete the Bank’s recent announcement to acquire Americas United Bank (AUNB), Glendale, CA. Bank of Southern California entered into a definitive agreement with Americas United Bank on February 21, 2018 with an expected close in the third quarter of 2018, subject to customary closing conditions. The additional capital raised will further support the Bank’s successful strategy of driving both organic growth and increasing its geographic footprint in Southern California.
Nathan Rogge, President and CEO of Bank of Southern California, stated that proceeds from the offering strengthens the Bank’s balance sheet and further supports the company’s expansion. “This successful capital offering was completed in a very short time,” Rogge added. “The strong interest that we received from individual and institutional investors demonstrates the investment community’s endorsement and confidence in Bank of Southern California’s performance and future value.”
The Bank was represented by MJC Partners, LLC, who served as the sole placement agent for the offering.