The Private Bank of California (in organization) Raises Record $36.3 Million in IPO

The Privante Bank of California (in organization) with a record initial capital raise of $36.3 million plans to open in the Century City area of Los Angeles next month.

LOS ANGELES, CALIF., (PRWEB) September 16, 2005 -- The Private Bank of California (in organization), which plans to open for business in Century City next month, subject to final regulatory approval, today announced it raised $36,300,000 in an oversubscribed initial public offering.
    
The size of the offering, completed on September 6, is a record for new independent banks in California and involved the sale of 3,630,000 shares to 338 investors at $10 per share. Directors and executive officers purchased 22 percent of the offering.
    
"The record size of this offering demonstrates the need for an additional community bank serving West Los Angeles, Beverly Hills and Santa Monica," according to Edward J. Carpenter, chairman of Carpenter & Co. Irvine based investment banking firm which advised the bank on its IPO. "Because of mergers over the last 10 years, there are significantly fewer community banks serving this market."
    
The Private Bank of California (in organization) said it plans to offer "unsurpassed personal service" to customers. It will be led by a team of officers who formerly held senior leadership positions at successful Los Angeles banking organizations. The officers include Steven D. Broidy, chairman; Charles D. Kenny, chief executive officer, and Richard A. Smith, president, all of whom will be members of the Board of Directors.
    
"We expect that our investors will be customers of the bank," said Kenny. "We believe they also will help us to develop other relationships in our target customer markets -- high net worth individuals, business owners, legal and financial professionals and their firms and entertainment service businesses."
    
Smith said, "We plan to give our customers unsurpassed personal service and anticipate they will be our ambassadors to the community."

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The banks 11-member board includes eight outside directors who are prominent in Los Angeles financial, entertainment, legal and cultural fields. They are: Add 1/Private Bank of California Completes Record IPO
    
Melanie K. Cook, entertainment attorney and partner of the firm of Ziffren, Brittenham, Branca, Fischer, Gilbert-Lurie, Stiffelman & Cook in Century City; R. Todd Neilson, managing partner of Neilson, Elggren LLP, an accounting and consulting firm in Century City; Richard M. Pachulski, an attorney and founding partner of the law firm of Pachulski, Stang, Ziehl, Young, Jones & Weintraub PC in Century City; Andrea Rich, CEO of the Los Angeles County Museum of Art; A. Stuart Rubin, President, Rubin, Pachulski Properties, LP, a real estate management and investment firm in Beverly Hills; Larry Scherzer, President and Chief Executive Officer of Scherzer International, a corporate risk management and background investigation firm in Woodland Hills; Bruce H. Spector, partner in the Century City office of Apollo Management, LP, a private investment firm, and Gary S. Stiffelman, partner with the law firm of Ziffren, Brittenham, Branca, Fischer, Gilbert-Lurie, Stiffelman & Cook, where he specializes in serving music industry clients.
    
After The Private Bank of California (in organization) opens, its shares are expected to begin trading on the OTC electronic bulletin board.
    
The bank will be located on the 25th floor of 10100 Santa Monica Boulevard.    
    
ABOUT THE PRIVATE BANK OF CALIFORNIA: The Private Bank of California (in organization) is a community bank scheduled to open in October. It completed a record IPO of $36.3 million. It plans to offer unsurpassed personal service to customers in West Los Angeles, Beverly Hills and Santa Monica. They include high net worth individuals, business owners, legal and financial professionals and their firms and entertainment service businesses. Located on the 25th floor of 10100 Santa Monica Boulevard in Century City, the bank is managed by a team of officers who formerly held senior leadership positions at successful Los Angeles banking organizations.

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