Banc of California Mergers & Acquisitions Private Bank of California
Completion Date July 1, 2013
Deal Overview
Buyer: First PacTrust Bancorp, Inc.
Actual Acquirer: Beach Business Bank
Target: Private Bank of California
Deal Type: Bank & Thrift Company
Agreement Date: 8/21/2012
Announcement Date: 8/22/2012
Announced Deal Value ($ M): 51.95
Status: Completed
Completion Date: 7/1/2013
Announced Deal Value Per Share ($ ): 12.95
Consideration Breakout
Cash ($M): 24.8
Common Stock ($M): 28.2
Common Stock Issued: 2,082,654
Deal Pricing Ratios
(announcement / completion)
Price / Book (%): 121.8 - 126.8
Price / Tangible Book (%): 121.8 - 126.8
Price / Earnings (x): 25.4 - 25.6
Price / Deposits (%): 9.40 - 9.65
Price / Assets (%): 8.13 - 8.31
Tangible Book Premium/ Deposits (%): 2.37 - 2.81
Deal Terms
First PacTrust Bancorp Inc. paid $6.47 in cash and exchanged 0.5416 shares of its common stock to acquire each outstanding share of Private Bank of California. First PacTrust Bancorp Inc. also assumed $10 million of SBLF preferred stock.
Accounting Method: Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000): 15,196
Estimated Cost Savings (%): NA
Estimated Cost Savings ($ 000): NA
Est. Restructuring Charges ($ 000): 3,000
Maximum Termination Fee ($ 000): 2,000
Minimum Termination Fee ($ 000): 0
Exchange Ratio (Common For Common): 0.541600
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): 10,330
Deal Advisers
Financial Advisers
(Party Advised - Adviser Hired? - Firm Name)
Buyer - Yes - FIG Partners LLC
Seller - Yes - Milestone Advisors LLC
Legal Counsel
Financial Advisers
(Party Advised - Adviser Hired? - Firm Name)
Buyer - Yes - Wachtell Lipton Rosen & Katz
Seller - Yes - King Holmes Paterno & Soriano