Banc of California Mergers & Acquisitions CS Financial
Deal Overview
Buyer: Banc of California, Inc.
Target: CS Financial, Inc.
Deal Type: Specialty Finance Company
Agreement Date: 10/25/2013
Announcement Date: 10/31/2013
Announced Deal Value ($M): 8.47
Status: Completed
Completion Date: 10/31/2013
Consideration BreakoutCash ($M): 1.5
Common Stock ($M)2.5
Common Stock Issued: 173,791
Contingent Payments ($M): 1.3
Contingent Payments Issued: 92,775
Debt ($M): 3.2
Deal Terms
Description of Consideration: Banc of California Inc. paid approximately $1.5 million in cash, issued 173,791 shares of its common stock and non-interest-bearing note worth of approximately $3.15 million to acquire CS Financial Inc. In addition, Banc of California will also issue shares up to 92,781 of its common stock as contingent payment based on the future performance. On October 31, 2014, the Company issued an aggregate of 30,925 of the Performance Shares. On November 2, 2015, the Company issued an aggregate of 30,925 of the Performance Shares. On October 31, 2016, the Company issued an aggregate of 30,925 of the Performance Shares. Company has issues 92,775 shares.
Percent Acquired (%): 100.00
Purchase Method: Acquisition
Merger of Equals? NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($000): NA
Est. Restructuring Charges ($000): NA
Deal Advisers
Financial Advisers
(Party Advised - Adviser Hired? - Firm Name)
Buyer - Yes - Sterne Agee & Leach Inc.
Seller - Yes - Sandler O'Neill & Partners LP
Deal Advisers
Legal Counsel
(Party Advised - Adviser Hired? - Firm Name)
Buyer - Yes - Wachtell Lipton Rosen & Katz
Seller - Yes - King Holmes Paterno & Soriano