Two directors of a California community bank that was sold in 1989 have raised more than $5 million to start another bank with the same name- Southwest Community Bank.

Southwest chairman Howard B. Levenson said more than 300 investors have bought a total of 250,000 shares at $20 each. The new Encinitas bank is to open in December. The original Southwest was headquartered about 25 miles away in Vista.

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