First PacTrust Bancorp Inc. (BANC: Quote), the holding company for PacTrust Bank, Friday said the Federal Reserve Bank of San Francisco approved its proposal to become a bank holding company and to acquire Beach Business Bank.
First PacTrust expects to maintain strong capital ratios after the acquisition, and the transaction is expected to be accretive to its earnings in the first year, excluding one-time merger costs, and accretive to tangible book value within one year of closing. Upon completion of the transaction, the company expects to maintain about $1.45 billion in total assets with 18 branches.
First PacTrust expects to close the acquisition shortly following the expiration of the 15-day waiting period associated with the Federal Reserve's approval order. The shareholders of Beach approved the acquisition on December 27, 2011.
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by RTT Staff Writer
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