Beach Business Bank (BBBC) stock jumps on takeover
Posted on: August 31st, 2011Written by:
Beach Business Bank (OTCBB: BBBC) shares vaulted 45% Wednesday to $8.60, on word it was a takeover target. Volume for the stock approached 80,000 shares by noon ET.
A news release out August 31 mentioned that First PacTrust Bancorp (NASDAQ: FPTB), the holding company for Pacific Trust Bank, and Manhattan Beach, California-based Beach Business Bank today jointly announced that they have entered into a definitive agreement pursuant to which Beach Business Bank will merge into a wholly owned subsidiary of First PacTrust.
The transaction is initially valued at approximately $37.4 million, or $9.07 per diluted share, to Beach Business Bank shareholders, representing a 53% premium relative to its most recent closing stock price. The FirstPacTrust and Beach Business Bank boards of directors have unanimously approved the transaction, which is expected to close in the first quarter of 2012.
Beach Business Bank CEO was Robert Franko quoted in the release, “This transaction is great news for Beach Business Bank shareholders, customers, employees and the communities we serve. By joining forces, our talented management team, along with our diversified business mix of commercial and industrial (C&I), commercial real estate, SBA and residential lending offerings, will result in a stronger bank with the capital strength and scale to continue to expand into new markets, offer attractive products to customers and enhance shareholder value.”
Headquartered in Manhattan Beach, California, with branches in Manhattan Beach, Long Beach, and Costa Mesa, and a loan production office in Torrance, Beach Business Bank provides a full range of deposit and loan services tailored to meet the needs of small to mid-sized businesses, professionals and individuals.
