California Bank Of Commerce To Buy Pan Pacific Bank For About $24.3 Mln

(RTTNews) - California Bank of Commerce (CABC.OB) and Pan Pacific Bank (PPFC.OB) said they have agreed to merge in a cash and stock deal.

Under the merger deal, Pan Pacific Bank will merge into California Bank of Commerce in a transaction valued at about $24.3 million. The companies noted that the strategic partnership will result in a business bank with over $620 million in total assets dedicated to serving middle market businesses in the San Francisco Bay Area.

Shareholders of Pan Pacific Bank will receive merger consideration in the form of a combination of about one third cash and two thirds CABC common stock, with a per share value of $4.75 to Pan Pacific Bank shareholders based on the last trading price of CABC common stock.