Pacific Commerce Bank in Los Angeles said Wednesday that it had converted its national charter into a state one, so it could have higher lending limits for its new focus on commercial real estate lending.
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The $126 million-asset Pacific said the conversion also will help it "in the areas of corporate governance, reporting, and raising future capital."
Since launching a reorganization plan early last year, the 5-year-old Pacific has raised $9 million capital, doubled its assets, and shifted its focus from mortgage to commercial lending.
It earned $563,000 in the second quarter, compared with a loss of $576,000 in the same quarter last year.
Pacific's branches are in Asian-American communities in Los Angeles, Orange, and Ventura counties.
