Director of Pacific Inland Bancorp Doubles Stake in Holding Company
A director of Pacific Inland Bancorp, the holding company for Pacific Inland Bank in Anaheim, has doubled his stake in the company by buying nearly all the shares owned by a disgruntled former director.
Clifford R. Ronnenberg’s purchase makes him the second-largest stockholder, with 7.8% of the stock. Richard W. Meyer, a La Habra developer and chairman of the company, has a 22% stake.
Ronnenberg--a Stanton businessman who owns several waste-control companies, a recycling firm and other firms--picked up 36,233 shares of Pacific Inland Bancorp stock late last month from William Richard Cramer, one of four directors who quit the company’s board in March.
Ronnenberg gave Cramer $50,000 in cash and a promissory note for $257,980, to be paid off within five years at 6% interest, according to a document filed Wednesday with the Securities and Exchange Commission. The purchase price was $8.50 a share, or a total of nearly $308,000.
“Cliff is one of the founding directors and has been actively involved with the bank since the beginning,” said John Britt, the bank’s president. “His purchase shows his long-term interest in the future of the company. He’s looking at the stock as a long-term investment.”
Ronnenberg could not be reached for comment.
The purchase left Cramer with 500 shares, according to company records. Britt said Cramer and three other directors left the board because of differences over the company’s direction.
The bank was the most heavily capitalized lender in county history when the holding company funded it in early 1984 with $9.3 million, which was part of $12.5 million raised in a public offering of company stock.
No one other than Meyer and Ronnenberg owns more than 5% of the company’s stock.
The company lost more than $1.5 million in the first two years, as it bought an investment management company, organized a venture-capital subsidiary and tried to buy a failing Seal Beach bank.
It has since been profitable on an annual basis. Its $8.4 million in capital is well above the amount required by regulators for a bank with $88.7 million in assets.
