First PacTrust Bancorp (BANC) in Irvine, Calif., raised $43.1 million from the sale of senior notes.

The $1.7 billion-asset company also expects to receive roughly $6.5 million after its underwriters exercise an over-allotment option, First PacTrust said Thursday. First PacTrust expects to use the money for possible acquisitions, organic growth, investments in its units and general corporate purposes.

Earlier this year, First PacTrust completed its purchases of Gateway Bancorp and Beach Business Bank and announced a deal to buy Private Bank of California (PBCA) in Century City, Calif. (

UBS Securities and Raymond James & Associates were the joint book-running managers for the offering. D.A. Davidson was the lead manager and Sterne, Agee & Leach and Wunderlich Securities were co-managers. Wachtell, Lipton, Rosen & Katz was the outside legal counsel.

Senior debt has picked up slightly recently, with some large banks such as Citigroup (NYSE: C) and Wells Fargo (WFC) completing offerings in late November and early December, according to SNL Financial.

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