Additional Capital Will Fund Organic Growth and Acquisition Opportunities
San Diego, Calif., September 27, 2016 – Bank of Southern California (OTC Pink: BCAL) announced today that it has signed a stock purchase agreement for a private placement of $7 million of the Bank’s common stock with Castle Creek Capital, based in Rancho Santa Fe, California. The transaction is anticipated to close in the fourth quarter, subject to regulatory approvals and other standard closing conditions.
As part of the offering, the Bank will issue 823,529 shares of its common stock. This is Bank of Southern California’s second common stock offering in two years, raising over $14.0 million.
Nathan Rogge, President and CEO of Bank of Southern California commented, “Over the past several years the Bank has experienced strong organic growth and has completed several acquisitions. This additional capital will help continue to fund organic growth and provide us with the ability to act on strategic acquisition opportunities. It also increases the bank’s legal lending limit, which allows us to meet the growing needs of our clients. Recently, the Bank completed an acquisition of the deposits of the La Quinta branch of Opus Bank which closed on August 19, 2016,” concluded Rogge.
MJC Partners, LLC served as the sole placement agent for the offering. Horgan, Rosen,Beckham & Coren, LLP served as the Bank’s legal counsel.