1st Century Bancshares in Los Angeles has filed plans to raise $30 million through a sale of common stock.

The $661 million-asset company did not specify in regulatory filing how many shares it plans to issue. 1st Century plans to use the proceeds for general corporate purposes, including a capital contribution to 1st Century Bank, organic growth, opening new branches or relationship offices or potential acquisition.

1st Century reported second-quarter net income of $515,000, compared to $779,000 in the year-ago period.

Sandler O'Neill is financial adviser to 1st Century on the offering. Manatt, Phelps & Phillips is legal counsel.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.