First California Financial Group Inc. shares fell 13 percent Tuesday after the Westlake Village bank holding company said it plans to sell at least 7.5 million shares to boost its capital levels, potentially make acquisitions and for other purposes.

The parent of First California Bank recently reported its third consecutive quarterly loss and joins a growing number of local lenders that have announced plans to sell shares to raise money after increasing loan-loss reserves, taking write-downs on bad loans and cutting costs.

First California, which has 17 Southern California branches serving small and mid-size businesses, has a $43.2 million market cap and 11.6 million shares outstanding.

The company plans to grant the underwriter, Keefe, Bruyette & Woods, a 30-day option to purchase up to an additional 1.125 million shares to cover any over-allotments.

First California shares closed down 49 cents, or 13 percent, to $3.22 on the Nasdaq.