Company also expects to appoint new president, chief executive officer
By Devika Patel
Knoxville, Tenn., Nov. 1 - First PacTrust Bancorp, Inc. said it completed a private placement of stock. The deal priced July 27.
The company sold 4,418,390 common shares and 1,036,156 shares of newly designated non-voting common stock at $11.00 per share for $60 million. The price per share reflects a 37.5% premium to the July 26 closing share price of $8.00.
"We are pleased to have completed this transaction and are excited about the expanded opportunities to grow our company that we believe we will now have," president and chief executive officer Hans R. Ganz said in a press release.
As previously announced, it is expected that Gregory A. Mitchell will be appointed president and chief executive officer of the company on Monday, following which Ganz will remain president and chief executive officer of the company's subsidiary bank, Pacific Trust Bank.
"Hans has provided First PacTrust with strong and steady leadership and I look forward to working with him as we guide the company into the next phase of its continuous quest to enhance the value of the franchise," Mitchell said in the release. "With the additional capital we have just received, we believe we will be much better positioned in that pursuit going forward."
The savings and loan holding company is based in Chula Vista, Calif.
| Issuer: | First PacTrust Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $60 million
|
| Shares: | 5,454,546
|
| Price: | $11.00
|
| Warrants: | No
|
| Pricing date: | July 27
|
| Settlement date: | Nov. 1
|
| Stock symbol: | Nasdaq: FPTB
|
| Stock price: | $8.60 at close July 27
|
| Market capitalization: | $47.56 million
|
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