SAN FRANCISCO - Pacific Bank completed its recapitalization program, resulting in a capital injection of more than $30 million.
The company said it raised about $27 million of capital through a non-public offering to private investors, and about $3.5 million through a rights offering to shareholders.
Pacific Bank said it issued a total of 2,336,731 common shares at $13 each.
The bank said its financial adviser, Keefe, Bruyette & Woods Inc., acted as the placement agent for the non-public offering and underwriter for the rights offering.
The bank said it was now in compliance with a requirement of the Officer of the Comptroller of the Currency that it raise $25 million by the end 1993.