First PacTrust Bancorp Inc. in Chula Vista, Calif., said late Tuesday that it expects to raise about $31.5 million from selling common stock.
The $835 million-asset company sold 1.6 million shares in a public offering at $15.50 each to raise $24.8 million. The company said in a press release that it had granted a 30-day window to sell another $3.7 million in common stock.
First PacTrust said that existing investors, St. Cloud Capital Partners II LP and TCW Shared Opportunities Fund V LP also injected $3 million in capital separate from the offering. The groups also agreed to invest another $456,000 pending the success of the over-allotment.
First PacTrust said it plans to use the capital for general corporate purposes including acquisitions. The company announced earlier this month a $17 million deal to acquire Gateway Bancorp in Cerritos, Calif.