PacTrust Bank Parent Launches Public Offering of Senior NotesThursday, April 12, 2012
First PacTrust Bancorp Inc., parent of PacTrust Bank, said April 10 that it intends to offer and sell an undisclosed amount of senior notes due 2020 in a public offering.
The company expects to use the proceeds from the offering for possible acquisitions, support for organic growth, investment in or extensions of credit to subsidiaries and investments in securities and for general corporate purposes, the company said.
Sandler O’Neill & Partners LP is acting as the sole book running manager for the offering. DA Davidson & Co., Sterne Agee & Leach Inc., and Wunderlich Securities Inc. are acting as co-lead managers, and FIG Partners LLC is acting as co-manager for the offering.
First PacTrust relocated its headquarters from Chula Vista to Irvine last month but maintains eight branches in San Diego County. It is in the process of buying two banks in the Los Angeles area: Gateway Bancorp and Beach Business Bank.
— Mike Allen