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Bank of Southern California raises $12M in connection with acquisition

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Bank of Southern California raises $12M in connection with acquisition

San Diego-based Bank of Southern California NA completed its capital offering of about $12 million through the private issuance of common stock sold at $12 per share to investors.

A portion of the raised capital will be used to fund the company's pending deal with Rancho Santa Margarita, Calif.-based CalWest Bancorp.

The remaining capital will be used to support the company's drive in boosting its organic growth and increasing its geographic footprint in Southern California.

MJC Partners LLC served as the sole placement agent for the offering.

Bank of Southern California also plans to reorganize under a holding company known as Southern California Bancorp, subject to shareholder and regulatory approval.