Bank of Southern California, based in Carmel Valley and with six branches, said it raised $3.1 million in new capital through a private stock placement. In a separate issue, the bank said it received regulatory approval to acquire $24 million in deposits from Mizuho Corporate Bank of California, it announced Aug. 8.
The latter transaction is expected to close Aug. 26 and will raise the bank’s deposits to $179 million, and its total assets to $207 million.
Nathan Rogge, BSC’s chief executive, said the bank’s strong capital position allows it to grow the bank through lending and acquisitions. With the additional $3.1 million, BSC holds $22.7 million in capital, making it one of the best capitalized banks in the region.
The infusion boosts its Tier 1 capital to 11.9 percent, and its total risk-based capital to 17.6 percent. To maintain a well-capitalized designation banks must maintain at least 5 percent and 10 percent, respectively, in those categories.
Earlier this year, BSC acquired two offices from failed Palm Desert National Bank, including loans and deposits, in the Palm Springs area.
— Mike Allen