Oregon Pacific Bancorp in Florence has raised almost $2.4 million through a private placement of common stock to unnamed accredited and institutional investors.
The capital will allow the $168 million-asset company to "significantly increase lending to businesses and individuals" within Lane, Douglas and Coos counties, Oregon Pacific said Wednesday. The company's management estimates that the sale will fund more than $24 million in new loans.
"The ambitious growth goals for Oregon Pacific Bank, and its clients and investors, can be realized," James P. Clark, Oregon Pacific's president and chief executive, said in a press release. "We have money to loan. Businesses that were waiting to fund capital improvements or revitalize their infrastructure will find OPB ready to do business. This may be the ideal time for many of them to realize their long-range plans."
