Bank of Los Angeles announces successful completion of rights offering.WEST HOLLYWOOD West Hollywood A community of southern California northeast of Beverly Hills. It is mainly residential. Population: 36,600. , Calif.--(BUSINESS WIRE)--Dec. 21, 1995--M.J. ``Morry'' Burford Burford ([ˈbɜːfəd] or [ˈbɝː-] in the IPA) is a Cotswold town in Oxfordshire, England. , chairman and chief executive officer of Bank of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Thursday announced the successful completion of a rights offering. Shareholders of record on Oct. 24, 1995, had an opportunity to purchase shares of Bank of Los Angeles' common stock. The rights offering expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on Nov. 30, 1995. Employees of the bank also had an opportunity to purchase units. The offering resulted in proceeds of $2,443,000 with the purchase of 651,480 shares. This infusion of capital brings the bank's total capital to risk-weighted assets Risk-Weighted Assets In terms of the minimum amount of capital that is required within banks and other institutions, based on a percentage of the assets, weighted by risk. Notes: The idea of risk-weighted assets is a move away from having a static requirement for capital. to approximately 13.1 percent, classifying it as a well-capitalized bank. ``The increase in capital allows us to look for opportunities to grow and expand our market,'' stated Burford. Bank of Los Angeles, a community bank based in West Hollywood, reported net income for the nine months ended Sept. 30, 1995, as $288,000, or 5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This is compared with a net loss of $787,000, or 63 cents per share, for the same period of 1994. Net income for the quarter ended Sept. 30, 1995, was $284,000, or 4 cents per share, as compared with a net loss of $233,000, or 19 cents per share, for the same period of 1994. On Nov. 15, 1995, the merger was completed with World Trade Bank. The acquisition increase bank size to three offices with total assets of $124 million. CONTACT: Bank of Los Angeles, West Hollywood Morry Burford, 310/843-1458 |
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