Banc of California Mergers & Acquisitions Beach Business Bank
Completion Date July 1, 2012
Deal Overview
Buyer: First PacTrust Bancorp, Inc.
Actual Acquirer: First PacTrust Bancorp, Inc.
Target: Beach Business Bank
Deal Type: Bank & Thrift Company
Agreement Date: 8/30/2011
Announcement Date: 8/31/2011
Announced Deal Value ($ M): 37.15
Status: Completed
Completion Date: 7/1/2012
Announced Deal Value Per Share ($ ): 9.12
Consideration Breakout
Cash ($M): 37.5
Deal Pricing Ratios
(Announcement / Completion)
Price / Book (%): 119.1 - 115.4
Price / Tangible Book (%): 119.1 - 115.4
Price / Earnings (x): 26.8 - 20.6
Price / Deposits (%): 14.12 - 14.63
Price / Assets (%): 12.21 - 12.59
Tangible Book Premium/ Deposits (%): 2.59 - 2.16
Deal Terms
First PacTrust Bancorp Inc. paid $9.2142 per share in cash and issued one warrant to purchase 0.33 shares of First PacTrust common stock at an exercise price of $14.00 per share to acquire Beach Business Bank. In addition, First PacTrust intended to repay Beach Business Bank's remaining TARP preferred securities in full in connection with the completion of the merger.
Accounting Method: Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000): 7,073
Estimated Cost Savings (%): 15.00
Estimated Cost Savings ($ 000): 1,536
Est. Restructuring Charges ($ 000): 1,250
Maximum Termination Fee ($ 000): 2,000
Minimum Termination Fee ($ 000): 0
Exchange Ratio (Common For Common): NA
Exchange Ratio (Common For Preferred): NA
Exchange Ratio (Preferred For Common): NA
Exchange Ratio (Preferred For Preferred): NA
Lockup Agreement: No
Strike Price ($ ): NA
% of Shares Outstanding: NA
Shares Under Option: NA
Core Deposit Intangibles ($ 000): 4,470
Deal Advisers
Financial Advisers
(Party Advised - Adviser Hired? - Firm Name)
Buyer - NA - NA
Seller - Yes - Sandler O'Neill & Partners LP
Legal Counsel
(Party Advised - Adviser Hired? - Firm Name)
Buyer - Yes - Wachtell Lipton Rosen & Katz
Seller - Yes - King Holmes Paterno & Soriano
