CommerceWest Bank said Monday it closed a stock sale and plans to use the proceeds to fund growth.
Los Angeles-based investment bank Seidler Cos. led the offering of 385,000 shares at $13 each. CommerceWest’s share of the sale is $4.8 million.
Seidler has an option to buy up to 57,750 more shares of the Irvine-based business bank.
“The public offering was a success and we will now use the proceeds to continue our long-term strategic growth of the organization,” said Ivo Tjan, chairman and chief executive of CommerceWest, in a statement.
Shares of the bank closed at $14.50 on Monday. CommerceWest had $137 million in assets at the end of the second quarter.
