PacWest Bancorp announced Monday that it has signed an agreement to purchase San Luis Obispo headquartered American Perspective Bank for $58.1 million trumping a previous offer by Umpqua Bank.
In April, American Perspective Bank announced it had entered into a purchase agreement with Umpqua Bank for $44.7 million. Following the the higher offer by PacWest, American Perspective bank terminated its agreement with Umpqua.
Under the terms of its previous agreement with Umpqua, American Perspective Bank is required to pay Umpqua $1.6 million to terminate the purchase contract.
American Perspective Bank, which operates three branches in San Luis Obispo and Santa Barbara counties, reported $259 million in assets as of Dec. 31 and net earnings of $2.1 million in 2011. It was founded in October 2007 and has branches in San Luis Obispo, Paso Robles, and Santa Maria.
“In entering into this agreement with PacWest, the Board of American Perspective Bank has both obtained the highest value for our shareholders and also found an excellent partner for our customers and employees going forward,” said Tom Madden, Chairman of the American Perspective Bank Board of Directors commented. “PacWest’s existing presence in the Central Coast and their commitment to customers, employees and community, will continue the model we have established and present all of our constituents with greater choices going forward.”
