Banc of California Mergers & Acquisitions Gateway Bancorp
Completion Date August 17, 2012
Deal Overview
Buyer: First PacTrust Bancorp, Inc.
Actual Acquirer: First PacTrust Bancorp, Inc.
Target: Gateway Bancorp
Deal Type: Bank & Thrift Company
Agreement Date: 6/3/2011
Announcement Date: 6/6/2011
Announced Deal Value ($ M): 15.50
Status: Completed
Completion Date: 8/17/2012
Announced Deal Value Per Share ($ ): NA
Consideration Breakout
Cash ($M): 15.5
Deal Pricing Ratios
(Announcement / Completion)
Price / Book (%): 71.4 - 67.1
Price / Tangible Book (%): 71.4 - 67.1
Price / Earnings (x): NM - NM
Price / Deposits (%): 10.26 - 10.26
Price / Assets (%): 8.54 - 8.54
Tangible Book Premium/ Deposits (%): (6.39) - (7.83)
Deal Terms
First PacTrust Bancorp Inc. paid $15.5 million in cash to acquire all of the outstanding common stock of Gateway Bancorp. In addition, First PacTrust Bancorp will assume a $2.9 million contingent liability for extra coverage on potential mortgage repurchase risk. Target's financials are for Gateway Business Bank.
Accounting Method: Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000): NA
Estimated Cost Savings (%): NA
Estimated Cost Savings ($ 000): NA
Est. Restructuring Charges ($ 000): 2,500
Maximum Termination Fee ($ 000): NA
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): 720
Deal Advisers
Financial Advisers
(Party Advised - Adviser Hired - Firm Name)
Buyer - Yes - D.A. Davidson & Co.
Seller - Yes - Global Capital Markets Inc.
Legal Counsel
(Party Advised - Adviser Hired - Firm Name)
Buyer - Yes - Wachtell Lipton Rosen & Katz
Seller - Yes - Winston & Strawn LLP
