Bank of Granada Hills Plans $1 Million Stock Sale

The Bank of Granada Hills plans to sell up to 165,178 additional common shares to raise about $1 million in capital. The one-branch bank, which had $35.5 million in assets as of June 30, said shareholders of record Sept. 11 would be offered two new shares--priced at $6.40 each--for every five shares they currently own. New investors would be offered the stock at $6.90 a share.

Investors in the offering also would receive a warrant to buy one additional common share for $6.90 for every five shares they actually buy. The warrant can be exercised until April 1, 1989.

The terms of the offering are subject to regulatory approval. The Bank of Granada was founded in 1983.