First Business Bank and 1st Pacific Bank of California terminate merger plans

First Business Bank N.A. and 1st Pacific Bank of California, a subsidiary of 1stPacific Bancorp, have mutually terminated their merger agreement. First Business Bank and 1st Pacific Bank are US-based provider of commercial banking services.

Announcement (July 16, 2009):

First Business Bank has signed a definitive agreement to merge with 1st Pacific Bank.

Under the terms of agreement, each outstanding share of 1stPacific Bancorp will receive $1.4 per share in cash valued worth approximately $7 million in total and a percentage of the recoveries of certain charged-off loans and a lawsuit. The transaction is expected to close in the fourth quarter of 2009.

Keefe, Bruyette & Woods, Inc. is acting as financial advisor and Horgan, Rosen, Beckham & Coren, L.L.P as legal advisor to First Business Bank. Sandler O'Neill + Partners, L.P. is acting as financial advisor and Luce, Forward, Hamilton & Scripps LLP as legal advisor to 1stPacific Bancorp.

Deal Type   Merger
Deal Status Terminated: 2009-10-28

Deal Participants

Target 1 (Company) 1st Pacific Bank of California
Target 2 (Company) First Business Bank, N.A.

Related terms: advisor, bank, banking, california, commercial, lawsuit, legal, merger