PNB Financial Plans Plans to Offer Shares
- Share via
PNB Financial Group of Newport Beach said that it plans to offer 430,000 shares of stock to the public at $7 a share.
The company, which is the parent of Pacific National Bank, said it filed a registration statement with the Securities Exchange Commission on March 9 for 771,617 shares, of which 341,617 shares were unregistered shares included in a private offering the company made last year.
PNB said that it tentatively plans to use the $3 million in proceeds from the public and private sales to finance the acquisition of a subsidiary bank or as “working capital.”
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
