Pacific Commerce Bank and Vibra Bank Announce Agreement to Merge
First Merger for Pacific Commerce Bank as it Looks to Grow in Southern California
LOS ANGELES, CA / ACCESSWIRE / October 30, 2014 / Pacific Commerce Bank, "PFCI" (PFCI), and Vibra Bank "VBBK" (VBBK), today announced that they have entered into a definitive agreement to merge the two banks into Pacific Commerce Bank. Vibra Bank has one branch office located in Chula Vista, and had assets of $148.1 million, total deposits of $133.6 million, and total loans of $103.7 million as of September 30, 2014. Pacific Commerce Bank has three branch offices in Los Angeles, West Los Angeles and San Diego and has assets of $209.2 million, total deposits of $160.8 million and total loans of $187.7 million as of September 30, 2014.
"This is the first transaction for Pacific Commerce Bank and is the culmination of two years of hard work to improve the Bank's financial performance and establish a strong foundation on which to grow," said Thomas Iino, Chairman of the Board for Pacific Commerce Bank. "This merger, which illustrates our growth strategy, provides shareholders, customers and employees improved value, strength and opportunity. We look forward to joining forces with the Vibra Bank team to continue our strategy of growth, both organically and through acquisitions, throughout the lucrative Southern California market."
The combined bank will operate under the leadership of Frank Mercardante who will become CEO and a Director of Pacific Commerce Bank upon the close and the continued contributions of Scott Andrews who will serve as President. "This merger will enable us to strengthen our customer service, maintain the dedicated community-focused banking and high level of personal service that our customers have come to enjoy," said Howard B. Levenson, Chairman of the Board of Vibra Bank. "It also provides a solid opportunity for the shareholders and employees of both banks to become part of a growing organization with a keen focus on creating shareholder value in the future," he added.
Frank Mercardante, current President and CEO of Vibra Bank said, "I am confident this transaction will benefit the customers of the combined bank with an expanded array of deposit and treasury management products and services, as well as the ability to offer larger loans to our business clients. The combined footprint of the two banks will enable us to more effectively compete for business in the greater Southern California marketplace."
The transaction will be immediately accretive to PFCI's earnings in 2015 and subsequent years, adding to shareholder value, and is priced at 120% of Vibra Bank's adjusted tangible book value, to be determined as of the month-end prior to closing. PFCI will pay approximately sixty-seven percent in common stock and approximately thirty-three percent in cash on an aggregate basis. Within the foregoing limits on the mix of stock and cash, VBBK shareholders will be able to elect PFCI common stock, cash, or a combination thereof. The number of shares of PFCI common stock to be issued to VBBK shareholders is based on the closing adjusted tangible book value of both PFCI and VBBK.
The transaction is expected to close in the first quarter of 2015, and upon closing the Bank will have approximately $350 million in assets and operate four branches in Los Angeles and San Diego counties. Max Freifeld and Luis Maizel, currently directors of VBBK, will join the PFCI board of directors. PFCI and VBBK's board of directors have approved the merger agreement, and Directors and executive officers of VBBK have entered into agreements whereby they have committed to vote their shares in favor of the transaction. The closing of the merger is subject to satisfaction of customary closing conditions, including regulatory approvals and approval of both PFCI and VBBK shareholders.
Pacific Commerce Bank and Vibra Bank Announce Approval of Merger Application by the Federal Reserve Bank of San Francisco
Date : 01/22/2015 @ 6:00AM Source : Business Wire Stock : Pacific Commerce Bank (ca) (QB) (PFCI) Quote : $5.71 0.0 (0.00%) @ 9:12AM
Pacific Commerce Bank, “PFCI” (OTCQB: PFCI), and Vibra Bank “VBBK” (OTCQB: VBBK), today announced that they have received written approval by the Federal Reserve Bank of San Francisco for their proposed merger, which was announced on October 30, 2014.
The merger is expected to close early in the second quarter of 2015, and upon closing the Bank will have approximately $350 million in assets and operate four branches in Los Angeles and San Diego counties. The closing of the merger remains subject to approval of the California Department of Business Oversight and both PFCI and VBBK shareholders. Shareholder meetings for both banks will be held February 23, 2015.
Vibra Bank has one branch office located in Chula Vista, and had total assets of $140.0 million, total deposits of $125.2 million, and total loans of $89.1 million as of December 31, 2014. Pacific Commerce Bank has three branch offices in Los Angeles, West Los Angeles and San Diego and had total assets of $217.8 million, total deposits of $165.5 million and total loans of $195.8 million as of December 31, 2014.
News 
Market Data 
Discover 
