By Sheri Kasprzak
New York, Jan. 31 - First Community Bancorp said it intends to conduct a direct placement of stock for $109,456,057.
The offering includes up to 1,891,086 shares at $57.88 each.
The placement is at a slight discount to the company's closing stock price of $58.11 on Jan. 30.
The deal, which is being targeted to accredited investors, is scheduled to close on Feb. 1.
Proceeds will be used for First Community's acquisition of Cedars Bank, which closed on Jan. 4.
Based in Rancho Santa Fe, Calif., First Community operates a chain of banks in California and Texas.
| Issuer: | First Community Bancorp
|
| Issue: | Stock
|
| Amount: | $109,456,057
|
| Shares: | 1,891,086
|
| Price: | $57.88
|
| Warrants: | No
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 1
|
| Stock symbol: | Nasdaq: FCBP
|
| Stock price: | $58.11 at close Jan. 30
|
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