ICB Financial in Ontario, Calif., has completed an acquisition and raised $15.5 million in a private placement.
The $126 million-asset company announced the Western State Bank acquisition late Monday. It said the $51 million-asset Western State, of Duarte, Calif., will be merged into its Inland Community Bank subsidiary within 90 days. It paid $13.4 million in cash for Western, or about 1.8 times book value.
ICB said the $15.5 million it raised was nearly twice what it set out to raise last month. It had initially planned to raise $8 million, but there was so much investor interest that the offering was 94% oversubscribed.
