First Community Bank Corp. of America is aiming to raise capital to immediately boost capital levels at its thrift and amass cash for further capital needs.
The $542 million-asset company said in a Securities and Exchange Commission filing Thursday that it intends to raise as much as $18.9 million in an offering of common and convertible preferred stock.
First Community, of Pinellas Park, Fla., said $6 million of the proceeds would immediately be funneled to its First Community Bank unit, which was ordered by the Office of Thrift Supervision in October to boost its capital ratios under a memorandum of understanding.
At the end of the third quarter, the thrift had a leverage ratio of 6.56%, a Tier 1 risk-based capital ratio of 9.22% and a total risk-based capital ratio of 10.48%. The company said its board of directors wants those ratios to be maintained above 6%, 8% and 10%, respectively.
First Community booked a $3 million loss in the first nine months of 2009, compared with earnings of $881,000 a year earlier.
The loss was primarily driven by provisions of $6.7 million for loan losses, more than triple the provision taken in the first nine months of 2008. At the end of the third quarter, nonaccrual loans totaled $31.4 million, up 141% from a year earlier, making up 5.62% of total assets.
The offering is being split into 600,000 units valued at $33.33 each, with each unit consisting of 4.165 shares of common stock and one share of 10% convertible preferred stock.