First Century hopes to raise $23.45 million in private placement of shares

By Devika Patel

Knoxville, Tenn., July 31 - First Century Bancorp said in an 8-K filed Thursday with the Securities and Exchange Commission that it expects to raise $23.45 million in a private placement of stock.

Proceeds will be used for working capital purposes, including the possible redemption of the company's preferred stock.

First Century is a private real estate and mortgage company based in Downey, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.