FIG Has Now Advised On 20 Whole Bank Transactions Nationwide In 2015
Totaling Over $1.5 Billion In Deal Value
Pacific Commerce Bancorp (OTC: PCBC), the parent company of Pacific Commerce Bank, and ProAmérica Bank (OTC: PMRA) have signed a merger agreement.
Pacific Commerce Bank will operate ProAmérica’s single branch office as ProAmérica Bank, a division of Pacific Commerce Bank.The combined institution will have total assets of approximately $560 million and five offices from downtown Los Angeles to south San Diego County.
The merger is expected to close in the second quarter of 2016 at which time two ProAmérica Bank directors will join the Pacific Commerce boards.
Frank Mercardante, Chief Executive Officer of both Pacific Commerce Bank and Bancorp said, “The combination of the two banks will provide us with better economies of scale and enable us to offer our loyal clients a broader array of banking services. Shareholders of the respective banks will benefit from greater efficiencies and a larger shareholder base, which should result in higher trading volumes. ProAmérica’s historic client focus will be expanded geographically, encompassing a much broader market.”
ProAmérica Bank’s shareholders can elect to receive $10.50 per share in either cash or Pacific Commerce Bancorp stock, with total consideration to consist of 50% cash and 50% stock.
FIG Partners served as Financial Advisor and rendered a fairness opinion to Pacific Commerce Bancorp. The FIG Partners Investment Banking team included Patrick Nicolini, Senior Vice President; Paul Reese, Principal; and Jason Werner, Vice President.
“This transaction represents the culmination of a partnership that we have been developing for a number of years,” said Tom Iino, Chairman of Pacific Commerce Bancorp and Bank. “We believe the combination of our two banks is a win-win for shareholders and will enable us to better serve each of our core constituencies and the community at large.”
More information is available here.
To learn more about FIG Partners, visit www.figpartners.com.