BANK OF SOUTHERN CALIFORNIA REPORTS COMPLETION OF $10 MILLION CONVERTIBLE CAPITAL NOTE OFFERING
BANK OF SOUTHERN CALIFORNIA REPORTS COMPLETION OF
$10 MILLION CONVERTIBLE CAPITAL NOTE OFFERING
SAN DIEGO, Nov. 4 /PRNewswire/ -- Bank of Southern California today reported the completion of a $10.0 million convertible capital note offering. "Capital is the foundation of a safe and sound growing financial institution," stated Ronald P. Bird, president and chief executive officer. "Further, our risk-based capital ratio is now a very healthy 12.7 percent, which is well in excess of the regulatory minimum requirement of 7.25 percent," added Bird.
David Guss, chairman of the board, added, "This significant capital enhancement was pursued in support of our current growth and strategic plans, confirming our belief in the business opportunities in San Diego -- today, and the multi-national regional community of tomorrow."
The capital note offering has attached warrants which give the holders the right to purchase an additional $10 million in capital stock upon conversion of the capital notes to common stock.
"We are grateful to the existing shareholders who purchased these convertible capital notes. It demonstrates and reinforces their confidence in the board, management, and staff of the bank as well as confirming our corporate strength and direction," added Bird.
Bank of Southern California recently reported year-to-date earnings through Sept. 30, 1991, of $836,000, or $.39. The bank also reported assets of $247,904,000; deposits of $224,670,000; and investment securities at $52,771,000.
Bird continued, "This remains a challenging year, both nationally and locally, for all financial institutions. We are very pleased with our accomplishments and especially the confidence demonstrated in us by the investors/shareholders. Bank of Southern California offers confirmation to the community that we are successfully meeting individual business customer needs with personalized services and financial opportunities and look forward to continuing to do so in the future."
Bank of Southern California has four conveniently located offices: the Midway office at 3026 Midway Drive, the Point Loma office at 1004 Rosecrans St., the La Jolla office at 1125 Wall St. and the San Diego office at 1620 5th Avenue.
/CONTACT: Ronald P. Bird, president/CEO of Bank of Southern California, 619-239-7337/ CO: Bank of Southern California ST: California IN: FIN SU: OFR SE-CH -- SD003 -- 0859 11/04/91 15:55 EST