Offering by Eldorado Raises $22 Million

Eldorado Bancshares Inc., the Laguna Hills bank holding company, raised more than $22 million Wednesday when it sold 2.26 million shares in a stock offering.

The company said it sold a total of 1.9 million shares of common stock, including 259,900 shares from shareholders, at $10 a share. Eldorado sold an additional 350,000 shares to several of its directors and principal shareholders.

Eldorado shares rose 31 cents, to $10.06, in Nasdaq trading Wednesday. The offering gives Eldorado about 14.4 million shares outstanding and a market value of $144.5 million.

The company, which has 17 branches in five Southland counties and the Sacramento area, initially planned to sell the shares last year. But the firm postponed its plans last August after the market for new issues went into a tailspin.