‘Mystery Investor’ Bids for Stake in Pacific Commerce

Instead of increasing his $15-per-share bid for 20,000 shares of Chula Vista-based Pacific Commerce Bank’s outstanding shares, an unidentified “mystery investor” last week increased to 30,000 from 20,000 the number of shares that he is proposing to buy.

The new offer surfaced in an Aug. 15 letter, the latest of three letters sent to Pacific Commerce shareholders by Orange County attorney Gary Findley, who said he is acting on behalf of the would-be buyer. Although Findley again refused to identify the buyer, he said the man’s identity might surface “in about 30 days.”

“We have had some response from different shareholders,” said Findley, who added that he “wouldn’t necessarily say” the mystery buyer boosted his offer to 30,000 shares because he was closing in on the 20,000-share figure. “I’d say it’s an indication on my client’s part that he thinks 30,000 shares would be better (to own) than 20,000 shares.”

Pacific Commerce Bank President Tom Michelli, who responded to Findley’s initial letter with a letter that urged shareholders to contact the bank if they were interested in selling stock, said he has not mailed any further letters to shareholders.

“It’s not our intent to get into a letter-writing campaign on this,” Michelli said.

“That’s pretty much our position. You can carry things like this to an extreme, and all it does is keep the post office busy.”

Findley’s mystery investor is offering $15 per share, which equals the bank’s recent selling price, Michelli said.