San Diego Business Journal

First PacTrust to Issue Senior Notes at 7.5 Percent

By Mike Allen Wednesday, April 25, 2012

First PacTrust Bancorp Inc., parent of PacTrust Bank, set the pricing on $33 million in senior notes due April 2020 at 7.5 percent, the company announced on April 18.

The company said it expects to use the funds from the offering for possible acquisitions, organic growth, investment in or extensions of credit to subsidiaries, investments in securities and for general corporate purposes.

First PacTrust is in the process of acquiring two banking companies, Gateway Bancorp in Cerritos and Beach Business Bank in Manhattan Beach. The transactions are expected to close by the end of the second quarter, the company said.

First PacTrust moved its headquarters office from Chula Vista to Irvine last month, but maintains eight branches in the county.