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Coast Bancorp (CTBP) raised $6.8 million in capital through a private placement offering as it looks to grow after recently resolving a regulatory order.
June 13 -
TriState Capital Holdings (TSC) in Pittsburgh has raised $35 million through a private placement of subordinated debt.
June 10
Open Bank (OPBK) in Los Angeles has raised $30 million in a private offering of common stock.
The $384 million-asset bank sold five million common shares at $6 each to institutional and other accredited investors.
"The additional capital will enhance our strategic capabilities to grow our franchise and support the needs of our customers," Min Kim, Open Bank's chief executive,
The capital raise will increase the bank's tangible common equity to 14.8% of assets, from 8.5%, Kim said.
Keefe, Bruyette & Woods was the placement agent for the deal.
Open Bank has come under scrutiny from regulators in recent years. The Federal Deposit Insurance Corp. and California Department of Financial Institutions in 2012
The bank was established in 2005 under the name First Standard Bank. It changed its name in 2010, according to the FDIC website.
Open Bank operates five offices in the Los Angeles area, aimed at serving Korean-American customers. The bank plans to open an additional office in the city's Koreatown neighborhood this summer, it said in the release.
