SAN DIEGO - First National Corp. said its subsidiary, First National Bank, has obtained formal approval of its capital plan filed with the Office of the Comptroller of the Currency.
The plan calls for a leverage ratio of 8% by Dec. 31 and a risk-weighted, Tier 1 leverage ratio of 11% by Dec. 31, 1993.
To achieve those levels, the $600 million-asset company will seek to raise $15 million in equity capital and solicit interest from potential acquirers or merger partners. First National retained Rothschild Inc. to help map alternative strategies.
First National also said that it reached a tentative agreement with Bank of America to convert its $7 million holding company debt to equity, and that certain landlords have tentatively agreed to lease modifications.