Ventura County National to Offer New Stock in ’95

Still under pressure to meet federally imposed capital requirements, Ventura County National Bancorp said it will try to raise $5 million by offering new stock at the beginning of next year.

The proceeds of the sale will be used to help the Oxnard-based bank meet capital ratio requirements imposed by federal regulators earlier this year. Under an agreement with the Comptroller of the Currency, Ventura County National was expected to raise two ratios that measure equity as a percentage of risk-based assets by Sept. 30.

Peter Banks, chief financial officer of Ventura County National, said the bank remains well short of reaching the ratio requirements. In the meantime, the bank has applied for an extension of the Sept. 30 deadline. “We’ve been advised by our counsel that there is no risk of being taken over,” Banks said.

Banks said Ventura County National expects to begin offering the new shares in early 1995, when the price and number of shares will be established. The shares will first be made available to investors who already hold common shares of Ventura County National. Unsold shares will then be offered to outside investors.