Fullerton-based Commerce National Bank said it completed an $18 million stock sale to fund growth in Orange County.
The bank originally planned to raise $15 million in the offering but received regulator approval to increase the amount after seeing stronger-than-expected investor interest, said Chief Executive Mark E. Simmons.
Commerce National, which opened in late 2003, plans to use the funds to boost lending and other services to local businesses and for real estate projects.
“With a higher lending limit, we will be able to fully serve the needs of more businesses in Orange County,” Simmons said.
Shares of the $91.7 million-asset bank closed Monday at $13.75, unchanged.
