San Clemente-based Pacific Coast National Bancorp said Tuesday it received preliminary approval for a $4.1 million investment from the government.
The selling of preferred stock to the government as part of the Treasury Department’s Capital Purchase Program will need the approval of shareholders, who are set to vote on it during a Jan. 15 meeting, according to a release.
The government investment is part of a plan to help the economy by giving banks money to make loans.
Pacific Coast National, which specializes in Small Business Administration loans, says it will take the opportunity to expand its business.
Earlier in the month Newport Beach-based Commerce National Bank said it was set to receive a $5 million investment from the government.
In October, Westminster-based Saigon National Bank said that the Treasury planned to buy $1.2 million of its shares.
Pacific Coast National Bancorp is the holding company for Pacific Coast National Bank, which was started in 2005 and also operates in Encinitas.
As of Sept. 30 the bank listed its assets at $138 million.
