Bank ofSouthern California NA signed a stock purchase agreement for aprivate placement of $7 million of its common stock with .
The San Diego-based bank will issue 823,529 common shares inthe offering. The transaction is expected to close in the fourth quarter,subject to regulatory approvals and other standard closing conditions.
In a news release, President and CEO Nathan Rogge said thatthe additional capital will help continue to fund organic growth and providethe bank with the ability to act on strategic acquisition opportunities."It also increases the bank's legal lending limit, which allows us to meetthe growing needs of our clients," he said.
MJC Partners LLC served as the sole placement agent for theoffering. Horgan Rosen Beckham & Coren LLP served as the bank's legalcounsel.