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.