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First California to raise $36M

By   /   Friday, March 19th, 2010  /   Comments Off on First California to raise $36M

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Westlake Village-based First California Financial Group, the parent of First California Bank, plans to close a $36 million stock offering by March 24.

The banking company said March 19 it will sell 14.4 million shares for $2.50 each. After costs, First California will net $33 million, the bank said in a release.

Earlier, First California said it might use new funds to support internal growth or as a capital buffer in buying up whole banks or failed banks.

Two other tri-county banks recently announced capital deals.

On Feb. 17, California Oaks State Bank said it plans raise as much as $10 million as part of a new strategy to snap up the assets of failed banks. Paso Robles-based Heritage Oaks Bank closed a deal to sell $60 million in new securities March 12.

First California’s stock was down 4 percent to $2.64 on March 19.

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