PacWest Bancorp Beats Rival Offer for BankWednesday, May 2, 2012
PacWest Bancorp, parent of Pacific Western Bank, which has 19 offices in San Diego and moved its headquarters from San Diego to Los Angeles several years ago, said May 1 it acquired American Perspective Bank, based in the Central Coast region of the state, for $58 million or $13 per share, trumping an earlier offer for the bank.
This is American Perspective Bank’s second trip down the aisle this year. In early April, APB agreed to be acquired by Umpqua Holdings Corp. for $44.7 million in cash, or $10 per share. But when PacWest offered more, APB decided to go with the higher price. Because of a termination agreement, APB owes Umpqua $1.6 million.
The boards of each bank approved the new transaction, but the deal still requires approval of APB’s shareholders and regulators. It’s expected to close in the third quarter.
APB, with offices in San Luis Obispo, Santa Maria and Paso Robles, had $264 million in assets and three offices as of March 31. The deal expands Pacific Western’s existing market share of 12 branches in the region. PacWest entered the region in 2009 when it acquired failed Affinity Bank and expanded it about a year later with the purchase of Los Padres Bank.
In all, PacWest has about $5.4 billion in assets and 76 branches in the state.
— Mike Allen