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.
The old Southwest was sold to Security Pacific Corp. of Los Angeles, which has since been bought by San Francisco's BankAmerica Corp.
"There are a lot of customers, employees, and investors who are looking to revive the old Southwest," Mr. Levenson said. "People don't feel they are getting the service they want from the big banks."
The new bank's board of directors also includes two children of directors of the former bank.
And the investors include a dozen presidents and directors of community banks in other Southern California cities.