SAN FRANCISCO - Bank of San Francisco said it completed the first phase of its capital restoration plan, selling $4 million of series C preferred stock to Putra Masagung, the company's majority stockholder.

As reported Aug. 11, Bank of San Francisco received a binding commitment from Putra Masagung tp invest $4 million before Aug. 31, and an additional $2 million by Sept. 30. The investments are part of a restoration plan the bank submitted to the Federal Deposit Insurance Corp.

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