SAN DIEGO - Bank of Commerce received a permit from the Superintendent of Banking for the State of California to commence a public offering that, if fully subscribed, will boost the bank's capital by $5.375 million, with the potential for further capitalization in the future. The bank will use the proceeds of the offering to finance its continued expansion.
The bank is offering up to 250,000 units at a subscription price of $21.50 per unit.
The units are being offered on a preferential basis to shareholders of the bank and certain beneficiaries until Sept. 8. Units are being offered to the general public as well. The offering will expire on Oct. 23, unless terminated earlier or extended by the bank.
Bank of Commerce, founded in 1975, has five branches and assets of $258 million.