FP Bancorp completes $3.1 million private placement.ESCONDIDO Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the , Calif.--(BUSINESS WIRE)--Nov. 29, 1994--FP Bancorp (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :FPNB) announced that it has completed a private placement of common stock to existing shareholders and selected investors that generated $3,133,260. The offering resulted in the issuance of 608,400 shares at a price of $5.15 per share. Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. L. Williamson, FP Bancorp's president and chief executive officer, indicated that the new capital would be used to support future growth of the company and its only subsidiary, First Pacific National Bank. FP Bancorp recently announced plans to acquire Temecula-based Overland o·ver·land adj. Accomplished, traversing, or passing over the land instead of the ocean: an overland journey; an overland route. adv. Bank and to merge that institution into First Pacific National Bank. That transaction is in the process of regulatory review and is not expected to be completed until early 1995. Williamson emphasized that little or none of the new capital appeared necessary to support the Overland Bank acquisition. "Our projections indicate that the combined bank will exceed the regulatory standards for a `well-capitalized' institution," he stated. "We raised this additional capital in order to take advantage of other future internal and external growth opportunities." The company reported that the private placement was exceptionally well received. "We originally planned to solicit pledges for only $2 million," stated FP Bancorp's Chairman of the Board, Mark Baker. "Heavy demand from existing shareholders, directors and management led us to accept a larger amount." At Sept. 30, 1994, FP Bancorp reported total assets of $159.3 million, deposits of $147 million and loans of $109.5 million. At the close of the offering on Nov. 22, 1994, FP Bancorp had total capital of approximately $10.5 million and total shares outstanding of 1,821,879. The company's shares are traded on the Over-the-Counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. under the symbol FPNB. FP Bancorp's sole subsidiary, First Pacific National Bank, is San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County's fifth-largest independent bank and operates branches within that county in Escondido, San Marcos San Marcos (săn mär`kəs). 1 City (1990 pop. 38,974), San Diego co., S Calif., a northern suburb of San Diego; settled 1880s, inc. 1963. and Lake San Marcos. The bank also has a branch in southern Riverside County in the city of Temecula. CONTACT: FP Bancorp, Escondido Harvey L. Williamson, 619/741-3312, ext. 201 |
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