SAN FRANCISCO -- Pacific Bank is counting on federal approval of a capital-raising effort with multiple tranches to shed its mantle as California's most-troubled community bank.

It plans to raise $30 million from both individual and institutional investors in California and abroad. According to company documents distributed to the bank's shareholders and obtained by the American Banker, Pacific will also significantly cut its bloated overhead and shore up its core trade finance and personal banking businesses to restore profitability.

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