This Day On The Street
Continue to site
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

First PacTrust Bancorp Receives Fed Approval To Complete Acquisition Of Gateway Business Bank

First PacTrust Bancorp, Inc. (NASDAQ: BANC), the bank holding company for PacTrust Bank and Beach Business Bank, today announced that the U.S. Federal Reserve Bank has approved its acquisition of Gateway Bancorp, the holding company of Cerritos, Calif.-based Gateway Business Bank . This transaction previously was approved by the FDIC pursuant to the guidelines of the Federal Deposit Insurance Act, as well as the Office of the Comptroller of the Currency, and currently is expected to be completed on or about August 17, 2012.

Under the terms of an amended purchase agreement, total consideration for the acquisition will be $15.5 million, or approximately 60% of Gateway’s tangible common equity as of June 30, 2012. Due to Gateway’s profitability during the first half of 2012, management has increased guidance relating to the expected bargain purchase gain to at least $5 million, up from $3 million, which will be reflected in 3Q 2012 earnings.

As part of the acquisition, Mission Hills Mortgage Bankers (a division of Gateway Business Bank), including its 22 loan production offices in California, Arizona, Oregon and Washington, will become a division of PacTrust Bank. During the first half of 2012, Mission Hills Mortgage Bankers originated $490 million in single family residential mortgages.

“We are excited about completing this transaction very shortly and welcome Gateway’s customers to our strong and growing organization,” said Gregory Mitchell, CEO of First PacTrust. “With Gateway and our recently completed acquisition of Beach Business Bank, we will now have 41 bank locations, including the soon to open Newport Beach branch.”

First PacTrust plans to merge Gateway Business Bank into PacTrust Bank following the completion of the acquisition. Gateway’s branch operations, located in Lakewood and Laguna Hills, Calif., will be converted to PacTrust Bank branches on or about August 20, 2012.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs