The major shareholder in the San Francisco Co., holding company for the Bank of San Francisco, invested the first tranche of an expected $4.5 million in new capital for the company.
Putra Masagung, an Indonesion businessman and investor, bought Friday $1 million of new Series D preferred shares convertible into Class A common at about 34 cents a share, the company said. Mr. Masagung last year agreed to invest the $4.5 million in phases this year so the bank could comply with capital requirements imposed by regulators.
He contributed the $1 million ahead of the March 31 committment date, said James Gilleran, the company's chief executive. "This will mean the bank should be able to report compliance with the minimum 7% leverage ratio required by the (regulatory) orders as of the end of the first quarter," he said.