This Transaction Marks The 10th Equity Capital Raise For FIG In 2015
Totaling More Than $250 Million Of Equity Capital Raised
ATLANTA, Dec. 31, 2015 — CalWest Bancorp (OTC: CALW), the holding company of South County Bank N.A., has completed a $14 million private stock offering.
The Southern California-based company will invest $6.7 million of the proceeds into South County Bank. The balance will be used to retire $4.9 million in Troubled Asset Relief Program (TARP) funds received in January 2009. The company will also pay the deferred interest associated with its outstanding trust preferred securities and retain excess capital at the holding company after paying transaction-related expenses.
FIG Partners served as Sole Placement Agent to CalWest Bancorp. The FIG Partners team included Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Lozan Aleksandrov, Senior Vice President and Deputy Head of Capital Markets; and Patrick Nicolini, Senior Vice President.
“This successful recapitalization will allow the Bank and the holding company to increase their respective capital and capital-related ratios to levels well in excess of regulatory requirements,” said Glenn Gray, President and CEO of CalWest Bancorp and South County Bank. “Furthermore, this capital raise is expected to satisfy the remaining requirement of the Bank’s Consent Order. This additional capital, combined with our low cost-of-funds, reduced operating expenses, and performing loan portfolio will restore the Bank’s competitive position in one of the most robust business communities in the country.”
More information from CalWest Bancorp is available here.
To learn more about FIG Partners, visit www.figpartners.com.