Saehan Bancorp has found its white knight.
The Koreatown holding company for Saehan Bank, which had been ordered by regulators to shore up its capital levels amid substantial loan losses, said Tuesday that it has privately negotiated a $60.6 million common stock sale to unnamed “accredited investors.”
The move will boost its Tier 1 capital leverage ratio above 10 percent, the institution said. The bank did not return calls requesting comment.
In December, Saehan entered into a consent order with regulators directing it to attain a Tier 1 leverage ratio of at least 10 percent by March 8.
With many banks struggling to raise capital in this economy, analysts had held little hope for Saehan, which was “significantly undercapitalized” as of Dec. 31.
Saehan shares closed up 45 cents, or 37 percent, to $1.66 on the Over-the-Counter Bulletin Board