Private Bancorp of America Inc., the La Jolla-based parent of CalPrivate Bank, said it recently completed a $10 million private placement of common stock. Proceeds will be used for organic growth, potential future acquisitions and general corporate purposes, the business said in a statement issued June 28.
The bank holding company sold 444,444 shares at $22.50 per share to unnamed institutional and accredited investors.
The private placement comes on the heels of a recent subordinated debt offering, said Thomas Wornham, CEO of Private Bancorp of America, in a statement.
Sandler O’Neill and Partners LP served as sole placement agent for the private placement. Breakwater Law Group LLP served as legal counsel to Private Bancorp of America. Sheppard Mullin Richter & Hampton LLP served as legal counsel to the placement agent.
Shares of Private Bancorp of America trade over the counter as PBAM.
The bank has offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo and Beverly Hills and offers electronic banking options.