Exhibit 99.1
News Release
First Regional |
| 1801 Century Park East |
| Jack A. Sweeney |
Bancorp |
| Century City, California 90067 |
| Board Chairman |
|
| Telephone (310) 552-1776 |
| Chief Executive Officer |
|
| Facsimile (310) 552-1772 |
|
|
IMMEDIATE RELEASE
FIRST REGIONAL BANCORP ANNOUNCES ISSUANCE OF
583,465 SHARES OF COMMON STOCK
CENTURY CITY, CALIFORNIA, MARCH 25, 2004 - First Regional Bancorp (Nasdaq: FRGB) today announced the issuance of 583,465 shares of common stock at a price per share of $29.50, for aggregate proceeds of approximately $17.2 million. The shares were sold to accredited investors pursuant to Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).
First Regional also announced that, on March 17, 2004, it raised an additional $7.5 million of new capital pursuant to “trust preferred” transactions involving a newly formed, wholly owned, statutory business trust. Holders of the trust securities will be entitled to receive cumulative cash distributions at a floating interest rate equal to three-month LIBOR plus 2.79%.
First Regional intends to invest the majority of the net proceeds from these transactions in First Regional’s subsidiary, First Regional Bank, to support its continued growth. The remaining proceeds will be used for general corporate purposes in the effort to continue to promote the future growth of First Regional.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The securities have not been registered under the Securities Act or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein may constitute forward-looking statements. Although First Regional believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from First Regional’s expectations include fluctuations in interest rates, inflation, government regulations, and economic conditions and competition in the geographic and business areas in which First Regional conducts its operations.
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