Chino Commercial Stock Offering Extended

Chino Commercial Bancorp in California has extended its stock offering for the second time because of a high level of interest.

Dann H. Bowman, Chino Commercial's president and chief executive, said in an interview Tuesday that the bank extended the original deadline from Jan. 20 to Feb. 3 to accommodate some investors who needed additional time. Letters sent out to shareholders notifying them of the change generated additional interest so the $110 million-asset company extended it again, to Feb. 15.

Bowman said that the bank's year-end earnings might have generated the additional interest. Before the first extension, the bank reported in January fourth-quarter earnings of almost $168,000, three times higher than a year earlier, and year-end income of more than $441,000, roughly 45% higher.

The company is looking to sell up to 224,494 shares of common stock in the offering at $10.50 per share first to existing shareholders then to other investors. Chino Commercial said in a regulatory filing in November that subscription rights would be distributed to those who owned common stock on Nov. 18. Shareholders who then exercised their subscriptions rights would receive a bonus equal to 5% of the number of shares purchased for no additional cost.

Chino, which has three branches, will use the capital for organic growth, Bowman said.