Charter Pacific Bank’s Stock Sale Falls Through
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Charter Pacific Bank said its plan to raise $3.9 million in a private placement of stock failed to materialize.
The bank announced last September its plans to sell 1.67 million shares of stock, or 26% of its total, for $2.35 per share to Financial Institution Partners 11 LLP. But the deal was not completed by the agreed upon date of March 31.
Charter Pacific said it is in negotiations for a restructured deal but does not know if the negotiations will be successful.
Charter Pacific, headquartered in Agoura Hills, has $93 million in assets and posted a first-quarter profit of $837,000.
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