Pacific Commerce Bank in Los Angeles said Monday that it raised $5 million in a private placement this month.
It said it sold 1 million shares of common stock at $5 each, creating a tangible common equity ratio of 12.9%, based on Sept. 30 assets.
Pacific Commerce said the capital would be used for "general corporate purposes" and "to pursue certain strategic opportunities."
The $182.2 million-asset bank was well capitalized, with a total risk-based capital ratio of 13.84% and Tier 1 risk-based ratio of 12.57% at Sept. 30. Its nonperforming assets have been slowly rising since mid-2010, however.
"We are extremely pleased with the level of interest in this transaction by both outside investors and by our friends," said Brian Kelley, the company's president and chief executive.
