Group to Buy Stock in Charter Pacific Bank

Financial Institution Partner II, L.P., will invest about $4 million in Charter Pacific Bank, based in Agoura Hills, and will end up owning 26% of the bank’s stock, becoming its largest shareholder.

Charter Pacific’s chairman, Michael Ward, said that this capital infusion will allow the bank to boost its growth in its local markets and to expand its BankCard Division.

FIP will buy 1.67 million shares of Charter Pacific’s common stock at $2.35 a share; the deal also calls for FIP to purchase more shares at $2.35 per share if the bank does not meet certain financial benchmarks.

The deal must be approved by state and federal banking regulators and is not likely to occur before early next year, Charter Pacific said.