The holding company of First California Bank announced Thursday that it plans to sell 10 million shares of common stock to fund working capital needs, acquisitions and regulatory expenses.
The offering will be underwritten by brokerage firm Keefe Bruyette & Woods in New York.
The Westlake Village bank currently has 17 branches in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.
The company has filed a registration statement with the Securities and Exchange Commission, but did not give a proposed date for the offering.
News of the offering sent First Cal stock price down 31 cents, or 10 percent, to end Thursday at $2.76 per share.
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