EUGENE, Ore., Oct. 23, 2012 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, announced the signing of a definitive agreement to acquire Century Bank of Eugene, Oregon, for cash consideration of $13.4 million, or $13.13 per share. The cash consideration per share represents approximately 109% of Century Bank's tangible book value as of September 30, 2012. Pacific Continental Corporation expects the acquisition to be immediately accretive to earnings per share.
The boards of Pacific Continental Corporation, Pacific Continental Bank and Century Bank unanimously approved the transaction, which is subject to customary conditions of closing including required regulatory approvals and approval by shareholders of Century Bank. Upon closing of the transaction, which is anticipated to take place during the first quarter of 2013, Pacific Continental Bank's total assets are projected to increase by approximately $86 million to $1.4 billion and deposits are expected to increase by approximately $69 million to more than $1.0 billion.
Hal Brown, chief executive officer of Pacific Continental Bank, commented, "We have long stated our intent to pursue acquisition opportunities that make sense strategically, financially and culturally. As such, our acquisition of Century Bank is a step toward this strategic initiative." Brown added, "We look forward to working closely with Century Bank as we welcome and integrate their clients into our organization."
Tom Widmer, president and chief executive officer of Century Bank, said, "When it became apparent to our board and management team that a change in ownership was the most prudent decision to make, it was important to us that we find the right partner." Widmer added, "Aside from being a well-respected competitor and valued community partner, we knew PCB would provide our clients with the same high-level of quality service they've come to expect. In the end, we knew Pacific Continental Bank was the best choice for our company."Inquiries
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