Scripps Bank got approval from the California superintendent of banks to commence a rights offering involving 380,000 shares of its common stock.
The offering will initially be made to shareholders of record April 12, after which rights will be available to the public if any are unsold. Shareholders will be able to buy the rights for $13.50; nonshareholders, for $15. The $230 million-asset bank plans to use the proceeds to finance an expansion drive.
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