David Misch, CEO of The Private Bank of California, has agreed to serve as First PacTrust’s Chief Risk Officer following the closing of the Transaction. Mr. Misch stated, “This transaction is great news for The Private Bank of California’s shareholders, customers, employees and the communities we serve. Joining forces will allow us to combine our talented management teams. The combination of First PacTrust’s existing business and our strong commercial and industrial, entertainment and business banking will result in a strong bank with the capital and scale to offer attractive products to customers and enhance shareholder value.”
As part of the transaction, Richard Pachulski, David Misch, Richard Smith, and Nick Zappia have each entered into agreements to continue working with First PacTrust following the closing. Mr. Pachulski, who will serve as the Chairman of First PacTrust’s newly formed Advisory Board, said: “As a founder, depositor and Board member of The Private Bank of California, I am excited by this opportunity and look forward to serving as part of First PacTrust’s Advisory Board. As an investor, I am thrilled to have the opportunity to become a shareholder of First PacTrust and to participate in the numerous benefits created by this strategic combination.”
Pro forma for the Transaction, First PacTrust expects to have approximately $2.2 billion in total assets with 22 branches located throughout Los Angeles, Orange, San Diego and Riverside counties and 23 loan production offices in California, Arizona, Oregon and Washington. The Transaction is expected to be immediately accretive to First PacTrust’s earnings, excluding one-time merger costs, and accretive to tangible book value within two years of closing.
First PacTrust also announced today several additions to its Board of Directors and Executive Management team. The enhanced management resources are intended to improve operating efficiencies and support achievement of First PacTrust’s strategic initiatives, including the Transaction as well as the ongoing integration of both Beach Business Bank and Gateway Bancorp.
- Director Steven Sugarman has been named co-Chief Executive Officer of First PacTrust, focusing on corporate initiatives and non-depository operations. Mr. Sugarman has served on the Board of Directors since November 2010, including as the Chairman of the Strategic Planning Committee. Greg Mitchell will continue to serve with Mr. Sugarman as co-Chief Executive Officer of First PacTrust’s banking operations, and will remain CEO and President of PacTrust Bank;
- John Grosvenor has been named First PacTrust’s General Counsel. Mr. Grosvenor previously represented First PacTrust as outside corporate counsel while he was a Partner at Manatt, Phelps & Phillips LLP.
- Director Jeff Seabold has been named to the Board of Directors of PacTrust Bank. Mr. Seabold has served on the Board of Directors at First PacTrust since February 2011 and previously served as a Director of PacTrust Bank.