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Golden State Bancorp completes $5M common stock placement

Glendale, Calif.-based Golden State Bancorp has completed a $5 million private placement of common stock priced at $13.00 per share.

The offering was "significantly oversubscribed," according to the press release. In connection with this, shareholders agreed to sell about $400,000 of their shares.

Meanwhile, Golden State Bancorp's $5 million debt raise is expected to be completed by the end of 2017.

The offerings were part of a $10 million capital raise disclosed in September. Proceeds would be used to support the growth plans of the company and unit Golden State Bank.