Neighborhood Bancorp in San Diego has an agreement in place to raise $6 million.
The $58 million-asset company said in a press release Monday that Stephen Taylor, chairman and chief executive of Taylor Asset Management in Chicago, is leading a $6 million investment in its Neighborhood National Bank, effectively doubling its capital.
The company said the investment would raise the bank's Tier 1 capital ratio to more than 18% and its total risk-based capital to more than 38%. The transaction expected to close between now and January.
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HCSB Financial in South Carolina recently raised $45 million from a group led by Castle Creek Capital Partners, showing that big investors are still comfortable placing bets on financial firms. The challenge for banks like HCSB will be to find ways to put that capital to work years after other institutions were able to start playing offense.
May 17 -
HCSB Financial in Loris, S.C., has recruited its third executive since completing a key recapitalization.
July 6 -
CalWest Bancorp in Irvine, Calif., has raised $14 million through a private offering to recapitalize and to retire its Troubled Asset Relief Program funds.
December 28
"This agreement represents an important step in recapitalizing and positioning the bank for future growth," Dan Yates, the bank's president and chief executive, said in the release.
Yates said that, through strategic planning and board oversight, Taylor has been able to help turn around several California banks, including Tri-Valley Bank in San Ramon, Coast National Bank in San Luis Obispo, Pan Pacific Bank in Fremont and Sierra Vista Bank in Folsom.
Neighborhood National Bank, a community development financial institution, was formed in 1997.
