This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pacific Western Bank Signs Definitive Agreement To Acquire American Perspective Bank For $58.1 Million

Stocks in this article: APBAPACW

LOS ANGELES, April 30, 2012 /PRNewswire/ --  PacWest Bancorp (Nasdaq: PACW) and San Luis Obispo, California  ...  American Perspective Bank (OTC BB: APBA) today announced that PacWest's wholly owned subsidiary, Pacific Western Bank, had entered into a definitive agreement and plan of merger to acquire all of the outstanding common stock and restricted stock of American Perspective Bank for $58.1 million in cash, or $13.00 per share for each share of common stock of American Perspective Bank.  American Perspective Bank had $264 million in assets at March 31, 2012, two operating branches and a loan production office. Pacific Western Bank is a Los Angeles-based commercial bank with $5.4 billion in assets as of March 31, 2012 and 76 branches throughout California, including 12 in the Central Coast region.  Pacific Western Bank entered the Central Coast through its acquisition of Affinity Bank in August 2009, and increased its presence with its acquisition of Los Padres Bank in August 2010.

On April 10, 2012, American Perspective Bank previously announced it had entered into a definitive agreement to be acquired by Umpqua Bank, a wholly owned subsidiary of Umpqua Holdings Corp., for $44.7 million in cash, or $10.00 per share of American Perspective Bank common stock.  Subsequent to that announcement, PacWest Bancorp approached American Perspective Bank and its advisors with a significantly higher price to acquire the company.  Under the terms of its definitive agreement with Umpqua Bank, the board of directors of American Perspective Bank exercised its right to enter into discussions with PacWest.  Ultimately, the board determined that the $58.1 million offer from PacWest represented a significant premium to the offer presented by Umpqua Holdings and pursuant to its fiduciary duties and, as permitted under its agreement with Umpqua, entered into an agreement with PacWest and terminated its agreement with Umpqua. 

Under the terms of its agreement with Umpqua, American Perspective Bank will pay to Umpqua a termination fee of $1.6 million, payable within 30 days of April 30, 2012, the date it terminated its agreement with Umpqua.

The board of directors of each company has approved this transaction.  The acquisition of American Perspective Bank by Pacific Western Bank is subject to customary conditions, including the approval of American Perspective Bank's shareholders and bank regulatory authorities, and is expected to close in the third quarter of 2012.  Immediately following the completion of the acquisition, it is anticipated that American Perspective Bank will be merged with and into Pacific Western Bank.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs