Orange County Business Journal

First PacTrust Sells $45M in Notes

Jane Yu Friday, December 7, 2012

Irvine-based First PacTrust Bancorp Inc. has closed its sale of $45 million of senior notes that will mature April 15, 2020.

The company expects to net about $43 million in proceeds after accounting for commissions and other fees. It also will receive about $6.5 million after its underwriters exercise options to issue additional notes.

Great Falls, Mont.-based D.A. Davidson & Co. acted as the lead manager of the transactions.

First PacTrust expects to use the money to support organic growth and fund possible acquisitions, as well as invest into its subsidiaries, according to a prospectus filed with the Securities and Exchange Commission.

First PacTrust operates through subsidiaries PacTrust Bank and Beach Business Bank. It has about $1.67 billion in assets and is in the process of completing its acquisition of Century City-based Private Bank of California. Private Bank, which had about $685 million in assets in September, is expected to fold into Beach Business Bank.