Bank of Commerce Holdings in Redding, Calif., is looking to join the ranks of companies raising capital for possible acquisitions.
The $813 million-asset company announced late Thursday that it has filed a registration statement with the Securities and Exchange Commission to offer up to $34.5 million of common stock in a public offering. The proceeds, the company said, would go toward "ongoing and anticipated growth, including potential acquisition opportunities."
Bank of Commerce last month reported fourth-quarter earnings of $1.4 million, compared with a loss of $658,000 a year earlier. The company also said last week that it had discovered inappropriate accounting related to goodwill and mortgages held for sale. It plans to restate its second- and third-quarter results but said the restatements should not affect earnings.