Pacific Commerce Bank raises $9 million from private placement

By Sheri Kasprzak

New York, June 22 - Pacific Commerce Bank, NA has wrapped an oversubscribed private placement for $9 million.

The offering, first announced as a $7.5 million offering on April 24, was oversubscribed for $10.5 million, but Pacific returned $1.5 million in excess subscriptions.

The terms of the offering could not be determined by press time Thursday.

Proceeds will be used for the company's expanded lending limit.

Los Angeles-based Pacific Commerce operates a chain of banks in the Los Angeles area.

On Thursday, the company's stock remained unchanged at $10.75 (OTCBB: PFCI).

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