Pacific Continental in Eugene, Ore., is planning to issue $35 million in subordinated debt that could help it fund future acquisitions.
The $2 billion-asset Pacific said in a regulatory filing Monday that it has started an offering for 10-year, fixed-to-floating-rate subordinated notes. The company said net proceeds will be used for general corporate purposes, including acquisitions and investment in bank regulatory capital.
Separately, the company said it expects to incur about $8.4 million in expenses tied to its pending purchase of Foundation Bancorp in Bellevue, Wash. The company said in a recent regulatory filing that the costs will likely take place between now and the deal's completion.
Pacific agreed in April to buy the $422 million-asset Foundation for $67 million in cash and stock.