Southern California Bancorp has raised $42 million in capital to help fund the San Diego company’s expansion plans.
The $1.6 billion-asset company completed a private placement Wednesday, selling common stock to institutional and private investors at $12 a share.
“The capital raise strengthens our balance sheet,” Nathan Rogge, president and CEO of the company’s Bank of Southern California, said in a press release. “The bank is now well positioned to execute on its strategic growth plans, including expansion of its footprint in Southern California.”
A day earlier, Southern California Bancorp unveiled plans to open five branches in Los Angeles and San Diego counties during the first quarter. It is actively looking to hire senior commercial lenders and other staff, Rogge said.
The company recruited veteran lenders William Sloan and William Kunianski earlier this month. Sloan joined Bank of Southern California from the $28.4 billion-asset PacWest Bancorp, where he was an executive vice president at the bank, while Kunianski was regional vice president at the $3.3 billion-asset American Business Bank.
Sloan and Kunianski are “well-respected senior commercial banking executives, each bringing a tremendous wealth of experience serving professionals and small-to-medium-sized businesses,” Richard Hernandez, Bank of Southern California’s chief banking officer, said in a press release.
“By actively growing and enhancing our footprint, we will be able to better serve the banking needs of Southern California residents and businesses,” Rogge said.
Founded in 2001, Bank of Southern California has 12 branches in Los Angeles, San Diego, Orange, Riverside and San Bernardino counties. Its latest expansion comes seven months after the company
MJC Partners handled the private placement for Southern California Bancorp.
