First PacTrust Bancorp (BANC) in Irvine, Calif., is planning to raise about $46 million through a sale of common stock.
The $2 billion-asset parent of Pacific Trust Bank and Beach Business Bank said Friday it would sell 2.4 million shares to the public, and about 1.1 million shares to institutional investors, at a price of $13 per share.
First PacTrust expects to use the proceeds for general purposes, including possible acquisitions and investments.
On June 6, First PacTrust announced plans to raise more than $40 million through a sale of preferred shares. The company also recently announced plans to sell eight branches in Southern California and $477 million of deposits to AmericanWest Bank in Spokane, Wash.
Raymond James & Associates, D.A. Davidson, Sandler O'Neill, Wunderlich Securities and FIG Partners are serving as managers for the offering. Wachtell, Lipton, Rosen & Katz is serving as legal counsel.
Shares of First PacTrust fell 2.4%, to $13.07, in trading Friday morning.