SAN FRANCISCO - With its $80 million purchase of Sacramento (Calif.) Commercial Bank two weeks ago, Belvedere Capital Corp. has depleted its $160 million community bank acquisition fund.

But instead of taking a breather after more than two years of steady dealmaking, the investment company has laid out an ambitious plan for 2000 that includes the creation of a much larger bank investment fund and a public offering for its new community bank holding company. Belvedere Capital president and co-founder Richard W. Decker said in a recent interview here that he is rounding up investors for a $400 million to $500 million fund that would buy stakes in banks with as much as $2 billion of assets. That, he said, should make California Community Bancshares, its bank holding company, more attractive to investors when it goes public in the third quarter.

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