Posted: May 1, 2012 2:45 PM by Courtney Meznarich
Updated: May 1, 2012 3:33 PM
Pacific Western Bank has agreed to acquire American Perspective Bank, based in San Luis Obispo.
American Perspective Bank previously announced it would be acquired by Umpqua Bank back on April 10. Umpqua had offered to pay $44.7 million in cash for the $246 million American Perspective Bank has in assets. The price worked out to $10 per share. But on Monday, PacWest Bancorp entered into an agreement with American Perspective Bank to pay $13 per share, which works out to $58.1 million in cash.
By entering into the new agreement, American Perspective Bank will pay a $1.6 million termination fee to Umpqua.
"Pacific Western Bank is a strong, stable California bank with a meaningful presence in the Central Coast, including San Luis Obispo County," said American Perspective Bank President and CEO Mark Crawford. "They are a true relationship bank that knows the value of high quality customer service and community orientation. Our customers and employees will benefit greatly from the merger of our two organizations."
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