LOS ANGELES - Guardian Bancorp said it has filed with the Securities and Exchange Commission to register common shares that are proposed to be offered and sold in a rights offering designed to raise up to $30 million.
In a press release, the company said net proceeds will be used principally to strengthen the capital position of its Guardian Bank unit. The dealer manager for the offering will be Oppenheimer & Co.
Guardian did not elaborate on the planned rights offering.
The company also said it anticipates making a provision for loan losses for the third quarter of about $4.5 million. The anticipated provision for loan losses reflects management's assessment of the ongoing economic recession in Southern California and the impact it has had and may have on the loan portfolio.
The company said loan chargeoffs for the quarter are expected to be about $6.7 million. The anticipated provision for loan losses and chargeoffs also reflect the final results of a regulatory examination.