Investor in First National of S.D. Increases Holdings

An Arizona investor has accumulated an 8.3% stake in the parent of First National Bank of San Diego but said in regulatory filings Thursday that he made the purchases “primarily as an investment.”

Darryl B. Dobras, a private investor based in Tucson, said in a Securities & Exchange Commission filing that he now owns 289,604 common shares of First National Corp. He also disclosed that he has no intention of acquiring more than 9.9% of the company’s outstanding shares.

Assuming other leading First National shareholders have not increased their holdings over the past year, Dobras’ holdings make him the bank’s single-largest shareholder.

First National shares closed up $.125 at $5.625 in American Stock Exchange trading Thursday. The shares have slipped in recent months from a high over the past year of $13.75. The company reported a $5.5-million third-quarter loss after taking loan-loss provisions totaling $11.8 million that the bank attributed mainly to soured business loans.

A First National Bank spokeswoman said Thursday that Dobras has been a significant First National shareholder for several years and that his relations with the bank’s management are “friendly.” Dobras was unavailable for comment Thursday.