First PacTrust Bancorp Inc. on Friday announced that shareholders of Private Bank of California in Century City had approved a $50 million merger with First PacTrust’s Beach Business Bank in Manhattan Beach.
First PacTrust, the Irvine holding company for PacTrust Bank, acquired Beach Bank last July. After the Private Bank deal closes, which is expected by July 1, Beach Bank branches will take on Private Bank of California name.
Private Bank shareholders will receive about 2 million shares of First PacTrust common stock, having a value of about $25 million. They also split a $24.8 million cash payout.
The transaction further expands First PacTrust’s presence in Los Angeles County to include locations in Hollywood and Century City. The combined banks will have about $2.2 billion in total assets, with 22 branches in Los Angeles, Orange, San Diego and Riverside counties and 23 loan production offices in California, Arizona, Oregon and Washington.