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Article: Holding Company, part II.(FINANCE)(Mission Oaks Bancorp)(Brief Article)
- Article from:
- San Diego Business Journal
- Article date:
- July 25, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Holding Company, Part II: Temecula-based Mission Oaks National Bank's shareholders formed a bank holding company, Mission Oaks Bancorp, that would make it easier for the $130 million asset bank to raise additional capital, repurchase stock and acquire other banks or non-banks.
The bank's board approved the holding company along with a 2-for- 1 stock split in April. On July 15, the proposal was approved by more than two-thirds of Mission Oaks National's 425 shareholders. Once the change gets the OK by the Office of the Comptroller of the Currency, the bank holding company will conduct the stock sprit, which will reduce the bank's current stock price of about ...