Pacific Continental Announces Purchase Of Capital Pacific Bancorp

(RTTNews) - Pacific Continental Corp. (PCBK), the holding company of Pacific Continental Bank, Wednesday announced the signing of a definitive agreement to acquire Capital Pacific Bancorp (CPBO), the holding company of Capital Pacific Bank.

Based on a $13.77 closing price of the company's common stock on November 19, the aggregate consideration for Capital Pacific was around $42.4 million, or $15.75 per share of issued and outstanding Capital Pacific common stock.

The shareholders of Capital Pacific can elect to receive either $16.00 per share in cash or 1.132 shares of the company's common stock for each share of Capital Pacific common stock, or a combination of 40 percent in the form of cash and 60 percent in the form of the company's common stock.

The terms of the agreement was unanimously approved by the boards of directors of Pacific Continental Corp., Pacific Continental Bank, Capital Pacific Bancorp and Capital Pacific Bank.

As of September 30, Capital Pacific had $255.9 million in total assets, $201.1 million in gross loans and $227.2 million in total deposits.

The combination will significantly increase the company's presence in the Portland market with pro forma Metropolitan Portland loans and deposits of $591.1 million and $483.9 million, respectively.