A public offering by Pacific Community Banking Group, Laguna Hills, Calif., has been delayed again after investors balked at paying the $15.50- per-share offering price.

Sources familiar with the situation said investors were willing to pay only $14 per share before the postponement last week.

Pacific Community-a holding company created to buy small banks in Southern California-is trying to raise about $68 million to buy Bank of Hemet as well as Valley Bank in Moreno, Calif.

It was not known whether the offering will proceed. The lead underwriter, Los Angeles-based Sutro & Co., did not return phone calls.

Pacific Community had planned to do the deal last summer but postponed it after the market for public offerings dried up.

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