California Bank of Commerce (CABC) in Lafayette plans to raise $12 million through a secondary offering.

The $349 million asset-bank said it would use the funds to expand its lending and deposit operations. The deal has received approval from the California Department of Business Oversight.

"We are excited about the opportunities we see in our market and look forward to expanding our capacity to bank middle market businesses in northern California," Terry Peterson, the bank's president and chief executive officer, said in a press release Tuesday.

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