Pacific Bank, San Francisco, said the sale of of $30.5 million in new stock and stock rights brought it into compliance with regulatory orders.
Twenty-seven million dollars of new stock was sold to institutional investors, and $3.5 million in rights was sold to existing shareholders. Keefe, Bruyette & Woods Inc. was adviser on the stock offering and underwrote the rights offering.
Pacific's leveraged, Tier 1 risk-based, and total risk-based capital ratios of 10%, 13.8%, and 15.9%, respectively, bring it into compliance with an order from the office of the Comptroller of the Currency to raise $25 million by year end.
