First PacTrust Raises $51 Million

By Chris Cumming July 01, 2013, 9:22 a.m. EDT 1 Min Read

Community banking

First PacTrust to Raise $46 Million

First PacTrust Bancorp (BANC) in Irvine, Calif., is planning to raise about $46 million through a sale of common stock.

By Brian Browdie

June 21
Community banking

First PacTrust to Raise Up to $40 Million

First PacTrust Bancorp in Irvine, Calif., is planning to raise more than $40 million through a sale of preferred shares.

By Chris Cumming

June 6
M&A

AmericanWest to Buy Eight PacTrust Branches in California

AmericanWest Bank in Spokane, Wash., has agreed to buy eight southern California branches from First PacTrust Bancorp in Irvine, Calif.

By Chris Cumming

June 3

First PacTrust Bancorp (BANC) in Irvine, Calif., has raised $50.9 million through a common stock offering.

The underwriters of the $2 billion-asset company's public offering bought $4.7 million of stock to the total number of shares sold to 3.9 billion, First PacTrust said Friday. In an offering announced last month, the company sold 2.4 million shares to the public and roughly 1.2 million to institutional investors at $13 a share.

First PacTrust said it will use the money to fund growth, including possible acquisitions.

First PacTrust has announced several capital-raising moves in the past month. It said it planned to raise more than $40 million through an offering of preferred shares paying an 8% interest rate, and, separately, that it would sell eight Southern California branches, along with $477 million in deposits, to AmericanWest bank in Spokane, Wash.

Chris Cumming