Public Stock Sale Raises $11 Million for New Bank

From Times Staff Reports

Ventura County Business Bank has completed its initial public offering of company stock, raising 10% more than it had hoped.

Gerald J. Lukiewski, president and chief executive of the county's newest independent bank, said the organizers must apply with bank regulators to accept all $11 million raised. The state Department of Financial Institutions had authorized the sale of only 800,000 to 1 million shares at $10 each.

The bank intends to open branches in February in Oxnard and in the Westlake section of Thousand Oaks.

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