Ventura Bank Plans Secondary Stock Offering

First National Bank of Ventura said it hopes to raise $1 million in a secondary offering of stock and stock warrants to the public.

The offering consists of 121,212 units expected to be priced at $8.25 each. Each unit will be made up of one share of common stock and one warrant to purchase a share of common stock at an exercise price of $8.25, the bank said.

First National said it plans to use the proceeds from the offering to bolster its regulatory capital so it may accept more deposits and make more loans. First National, founded in 1988, ran up losses in 1988 and 1989 but posted a $111,303 profit in 1990. It earned $9,000 during the first three months of this year.