VCNB Given Approval for Common Stock Offering

Ventura County National Bancorp., Oxnard-based parent of Ventura County National Bank and Frontier Bank, said it has received permission from the Securities and Exchange Commission to proceed with a rights offering of common stock.

VCNB said it expects to raise at least $4.5 million in new capital through the issuance of 2 million shares. The proceeds will be used to fund growth and to help VCNB meet capital ratio requirements imposed on the bank by federal regulators.

Under the terms of the offering, VCNB shareholders of record on May 10 will receive one right for each 3.17 shares of common stock held. Each right will entitle the holder to purchase one share of VCNB common stock at a price of $2.25 per share. There are currently 6.34 million shares of common stock outstanding, VCNB said.

The offering is scheduled to expire June 21, though it could be extended for up to 30 days by the company.