Banc of California (BANC) in Irvine has filed documents that would allow it to offer up to $1 billion of securities.
The $3.7 billion-asset company registered the securities with the Securities and Exchange Commission Friday. Banc of California said it could use proceeds from any sales to finance acquisitions, repurchase securities, fund investments in its subsidiaries and pay down debt, among other things.
Banc of California also plans to increase the number of shares of common stock it is authorized to issue, according to a separate SEC filing. The company is looking increase its authorized shares to 450 million, compared to its current authorization of 200 million shares.
Banc of California's president resigned earlier this month after the company lost $9.5 million in the third quarter. Costs tied to a string of recent acquisitions, including the purchases of investment advisory firm Palisades and mortgage lender CS Financial, contributed to the company's quarterly results.