PNB Financial Plans Plans to Offer Shares

PNB Financial Group of Newport Beach said that it plans to offer 430,000 shares of stock to the public at $7 a share.

The company, which is the parent of Pacific National Bank, said it filed a registration statement with the Securities Exchange Commission on March 9 for 771,617 shares, of which 341,617 shares were unregistered shares included in a private offering the company made last year.

PNB said that it tentatively plans to use the $3 million in proceeds from the public and private sales to finance the acquisition of a subsidiary bank or as “working capital.”