Far West Financial said it will sell 650,000 shares.

The common stock issue could raise at least $39 million for the corporation but would drop the interest of the majority owners, the Belzberg brothers of Vancouver, Canada, below 50%. Far West, based in Newport Beach, is the parent of Far West Savings & Loan. It also announced that it will institute regular quarterly cash dividends of 30 cents a share and will seek shareholder approval at its annual meeting April 30 for an increase in authorized common stock to allow for a 3-for-1 stock split.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World