First PacTrust Bancorp Inc. in Chula Vista, Calif., said Wednesday that it raised an additional $542,500 from a common stock offering after its underwriters exercised a small portion of an overallotment option.
The company said it issued an extra 35,000 shares. The overallotment allowed the underwriters to sell up to $3.7 million in common stock.
Last month, the $835 million-asset company raised about $24.8 million through a common stock offering. The company also raised a total of $3.1 million combined from existing investors, St. Cloud Capital Partners II LP and TCW Shared Opportunities Fund V LP.
First PacTrust said that proceeds, after commissions and expenses, would be roughly $26.6 million. The company said it would use the proceeds as investments at the holding company, capital infusions to fuel growth at the bank and for acquisitions.