Commerce National Bank Using $18M Stock Sale to Open Branches, Boost Loans

Fullerton-based Commerce National Bank has raised $18 million in a stock sale to open new branches and make more loans to small businesses.

The bank originally planned to raise $15 million in the stock offering but boosted its size by 20% based on investor interest, said Mark Simmons, Commerce National's chief executive.

Commerce National opened in late 2003.

The bank is focused on lending to Orange County businesses that post yearly sales of $3 million to $50 million.

"These are bread-and-butter loans for us," Simmons said.

Customers include real estate developers and accounting and law firms. Commerce National has lent to developers of small tracts of homes in Anaheim Hills, Buena Park and Vista. Other clients include an importer of women's purses from China and India.

Simmons said he hopes to tap funds from the offering to boost the bank's assets to $275 million to $300 million in the next few years.