American Perspective Bank directors have decided to sell to PacWest Bancorp’s Pacific Western Bank for $3 a share more than the deal they announced with Umpqua Bank on April 10.
The new agreement is worth $13 a share, or a total of $58.1 million in cash. The Umpqua deal was for $10 a share in cash or $44.7 million.
After being approached by PacWest with the higher offer, American Perspective terminated its agreement with Roseburg, Ore.-based Umpqua, and will pay a termination fee of $1.6 million.
“Pacific Western Bank is a strong, stable California bank with a meaningful presence in the Central Coast, including San Luis Obispo County,’’ said Mark Crawford, president and chief executive officer of American Perspective Bank. “Our customers and employees will benefit greatly from the merger of our two organizations.’’
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As of March 31, American Perspective Bank reported about $264 million in assets and Los Angeles-based PacWest Bancorp reported $5.4 billion in assets. The acquisition is subject to shareholder and regulatory approval and is expected to close in the third quarter.
American Perspective, founded in 2007 by local businessmen, has offices in San Luis Obispo, Paso Robles and Santa Maria and employs 38 full-time and three part-time employees.
Staff will not be impacted initially and it’s too early to say how they’ll ultimately be affected, Crawford said.
Pacific Western has 76 branches in California, including 12 on the Central Coast and four in San Luis Obispo County — in Atascadero, Nipomo, Pismo Beach and San Luis Obispo plus Santa Maria.
There’s some overlap, but not much, Crawford said, noting that his bank has a loan production office in Paso Robles — not a full-service branch — and Pacific Western has a small branch in San Luis Obispo. The decision hasn’t yet been made whether to keep all offices open or combine them, he added.
Pacific Western entered the Central Coast through its acquisition of Affinity Bank in 2009 and Los Padres Bank in 2010. “American Perspective Bank’s solid credit quality and similar strategic focus will complement our franchise value,’’ said Vic Santoro, PacWest’s chief financial officer.
PacWest stock closed Tuesday at $24.08 a share, up 1.09 percent from the previous day.
American Perspective’s thinly traded stock closed Tuesday at $12.75 a share on the OTC Bulletin Board, up 28.4 percent from Monday. On April 10, the day the previous sale to Umpqua Bank was announced, the stock closed at $9.85 a share. That compares to its close Feb. 28 at $6.81 a share, said Mark Andino, the bank’s chief financial officer and chief operating officer.