SAN DIEGO, Calif., Feb. 9, 2015 (SEND2PRESS NEWSWIRE) -- Bank of Southern California (OTCQB: FBBN) (the "Bank") announced today that it completed a private placement of approximately $7.2 million of its common stock, positioning the Company to grow its Southern California Franchise.
In the offering, the Bank issued 1,034,285 shares of its common stock, at a purchase price of $7.00 per share. The proceeds from the offering will allow the Bank to increase its banking activities in Southern California as the economy continues to strengthen. In November of 2014, the Bank purchased substantially all assets and liabilities of Frontier Bank, FSB dba El Paseo Bank through a purchase and assumption agreement with the FDIC, the only FDIC-assisted transaction in California for 2014.
Earlier in the year, the Bank also acquired the Palm Desert branch of AmericanWest Bank. These two acquisitions further leverage the Bank's existing presence in the Coachella Valley illustrating the Bank's commitment to the desert region which has seen the rapid disappearance of community banking throughout the last several years.
"We are focused on building Bank of Southern California through organic growth and strategic acquisitions in select Southern California markets. Our community banking approach of providing a high level of service with dedicated relation ship-based account officers, and access to decision makers has proven to be a successful business model for us," said President and CEO Nathan Rogge.
"We believe there will be more opportunities to grow through mergers and acquisitions where we can provide a top-notch community banking option to customers and business owners while providing greater value to shareholders," concluded Rogge.
MJ Capital Partners, LLC and Wedbush Securities acted as Placement Agents for the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Bank.
About Bank of Southern California:
A community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, Calif., is locally owned and managed and offers a wide range of financial products to individuals, professionals, and small to mid-sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with their clients. The Bank currently operates eight offices in San Diego County and Riverside County.
For more information, visit http://www.banksocal.com/ or call (858) 847-4780.
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