NCAL Bancorp Completes Initial Recapitalization
Business Wire - Wed Dec 10, 7:00PM CST
NCAL Bancorp (OTCBB:NCAL), the parent company of National Bank of California, announced today the sale of 19,890,322 shares of its common stock for $10,881,000, or $0.54705 per share, to Alex Meruelo and the current directors and an officer of the company. Mr. Meruelo is the founder of the Meruelo Group, located in Downey, California. He will now own approximately 89% of the total outstanding shares of common stock of NCAL Bancorp.