Developer Raises Stake in Professional Bancorp

A real estate developer has increased his stake in Santa Monica-based Professional Bancorp to 19.8%, according to a filing with the Securities and Exchange Commission.

On May 24, Don Levin bought 10,000 shares of common stock at $7.75 a share to bring his total stake to 132,865 shares.

The Federal Reserve Bank of San Francisco advised Levin on Nov. 14, 1986, that it had no objection to his request to buy up to 133,982 shares of Professional Bancorp’s common stock.