BANKING / FINANCE
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The parent company of National Bank of Southern California has arranged for a $3-million line of credit to help the bank grow internally as well as by acquisitions.
The bank, which picked up insolvent Pacific Regency Bank in El Toro in May, is looking for banks to buy, but no talks are under way, said National Bank’s chairman, William H. Jacoby.
The parent company, California Commercial Bankshares, has already drawn $1 million on the credit line and placed the money in the bank’s capital base, its insurance against losses and foundation for growth.
The line of credit from Security Pacific National Bank is an interest-only loan for 8 years, meaning that the bank pays only interest until the term ends and the loan amount is due.
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