Ventura Bancorp Gets OK for Stock Offering
Ventura County National Bancorp, parent of Oxnard-based Ventura County National Bank, received Securities and Exchange Commission clearance to offer 2 million shares of common stock to current shareholders.
The offering is intended to raise at least $4.5 million in new capital for the bank holding company. Proceeds will be used to bolster the company’s capital base and finance future growth.
In case the offering isn’t fully subscribed, a number of standby purchasers have agreed to buy shares equal to those not sold. The company has agreed to sell at least 889,000 shares to the standby purchasers, who were not identified.
Shareholders of record May 10 will receive the right to buy one share at $2.25 for each 3.17 shares of common stock already held.
The offering is scheduled to expire June 21 unless extended by the company for up to 30 days.
In addition to its chief holding, VCNB, Ventura County National Bancorp also wholly owns Frontier Bank, headquartered in La Palma in Orange County.
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