SAN FRANCISCO - Bank of San Francisco Co. said its board has called a special shareholders meeting for July 6 to consider amendments to a $13 million stock purchase agreement.
The shareholders will also consider the company's bylaws relating to the agreement.
As reported May 15, the bank said it had agreed to a purchase price of $2.50 for each of 5.2 million Class A common shares to be sold to Putra Masagung, a private Indonesian investor.
$2 Million to Be Raised
Bank of San Francisco, which has $400 million in assets and serves businesses and wealthy individuals, said the agreement calls for an additional $2 million to be raised from Mr. Masagung and other investors, including board members.
The number of shares is subject to increase, and the per-share price subject to decrease, only if multiple voting rights on Series B convertible preferred stock are not eliminated and if all the preferred stock is not exchanged for Class A common stock.
Shareholders of record as of last Friday are entitled to vote at the special meeting. The bank also rescheduled its annual meeting, at its San Francisco headquarters, to July 28 from July 18.