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Eugene-based Pacific Continental said Oct. 12 that it hoped to raise $35 million through a sale of newly issued stock. Two days later, the company said it was increasing the size of the offering to $42 million, or 4.8 million shares at $8.75 a share.
In the end, Pacific Continental raised $48.3 million, issuing 5.52 million shares of common stock, including an additional 720,000 shares that were included in the offering to meet demand. The company will receive about $45.7 million after deducting commissions and other expenses.
"We are extremely pleased with the results of our public offering and strong level of interest, which validates the strength of the company," Chief Executive Officer Hal Brown said.
"This additional capital further strengthens our already strong capital ratios," he said, and positions Pacific Continental to pursue "other business opportunities as they arise."
The response to the stock offering reflects investors' expectations for the bank, research analyst Tim O'Brien said. "Banks that are perceived to be strong and healthy by the market are attracting a lot of interest from investors."
Investors are attracted to banks that are profitable -- which with the exception of the second quarter this year Pacific Continental has been -- that have suffered fewer loan losses and delinquencies than their peers, and that have been able to strengthen their balance sheets, O'Brien said. He is with the San Francisco office of Sandler O'Neill & Partners, a financial advisory firm.
As for Brown's comments about other business opportunities, O'Brien said, "It's not a matter of if (they will arise), it's a matter of when."
Pacific Continental stock (PCBK) trades on the Nasdaq exchange. The stock closed Tuesday at $10 per share, down a cent. It has traded between $8.30 and $15.20 in the past 52 weeks.
Pacific Continental has 14 offices in Oregon and Washington.
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