Far West Financial Sells Public Offering of Shares
Far West Financial Corp., the Newport Beach-based parent of Far West Savings & Loan Assn., said Thursday its public offering of 650,000 shares of common stock, plus 97,500 more shares to cover an over-subscription of the issue, has been sold at $57.75 a share.
The offering raised $40.7 million after expenses. The money will be used for possible acquisitions or other corporate purposes.
The company’s underwriter, the New York investment banking firm of Bear, Stearns & Co., placed the offering of previously authorized but unissued stock on Wednesday after the Securities and Exchange Commission approved the offering at Tuesday’s closing price.
In the past 52 weeks, Far West’s common stock has sold at prices ranging from $28.50 to $60.50 a share. It closed Thursday in trading on the New York Stock Exchange at $56.125 a share, down 87.5 cents for the day.