SoCal Bancorp. said it no longer owns a majority stake in Professional Business Bank after a $12.6 million capital infusion from a private-equity group.
The San Francisco company said July 4 that after Belvedere Capital Fund II's investment in Professional, SoCal owns a 3.75% stake instead of 100%. SoCal also said it "may not continue as a going concern."
The $304.9 million-asset Professional, of Pasadena, Calif., was operating under a regulatory order, but the infusion now puts its capital ratios above the regulatory minimums for well-capitalized institutions, SoCal said.