Bank Sells $10.3 Million in Shares to Investors

California United Bank has completed a private offering of its common stock to 16 select institutional and other accredited investors. The offering included total subscriptions of about $10.3 million. The Encino-based bank sold 805,156 shares of common stock at $12.75 per share. The price per share represents 125 percent of the bank’s tangible book value as of Dec. 31, 2010. As of that date, California United Bank had total assets of $756 million. The bank intends to use the net proceeds from the private placement for general corporate purposes, including support for continued growth of the bank. “It is very gratifying to receive this level of investment support for our banking team and our strategy which is first and foremost based on a talented group of bankers providing unparalleled customer service,” said David I. Rainer, president and CEO of California United Bank. “While many financial institutions have been challenged to attract new equity investments, the CUB story was compelling in distinguishing itself through our continued growth and strong credit quality.” Hovde Securities LLC acted as sold placement agent for the offering. Jessica Vernabe