Irvine City Financial has completed a $1-million public offering that will enable it to pursue plans to double the assets and deposits of its Irvine City Savings & Loan Assn. subsidiary over the next two years, according to Douglas J. Weeks, president and chief executive of the two financial companies.
The offering of 100,000 shares at $10 each boosted the S&L's capital base to $3.5 million as of Feb. 28, he said.
The S&L currently has deposits of $39.4 million and intends to boost that figure to at least $84 million by the end of the next fiscal year, June 30, 1988. An S&L's total assets--or loans and investments--are dependent on its deposits.