Center Financial Makes Private Placement
Los Angeles Private Placement
Center Financial Corp. announed that it completed a private placement (via private placement memorandum offering) of 3.36 million new shares of common stock, with gross proceeds of $12.8 million.
The Los Angeles holding company of Center Bank noted that accredited investors participated in the placement, which was priced at $3.71 per share for outside investors. That was a 5 percent discount to the volume-weighted average trading price of the company’s stock in the five trading days before Nov. 19.
Net proceeds will be used for working capital and general corporate purposes.
Shares were up 10 cents, or 2 percent, to $4.64 in midday trading on Nasdaq.
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