Pacific Commerce Bank announced the completion of its merger with Vibra Bank of Vista in San Diego County.
The shareholders of both institutions approved the transaction at separate special meetings of shareholders on Feb. 23, 2015.
The transaction adds $140.0 million of assets, total deposits of $125.2 million, and total loans of $89.1 million as of Dec. 31, 2014 to Pacific Commerce Bank, the institution said in a statement.
With the acquisition, Pacific Commerce Bank now has approximately $350 million in assets and will operate four branches in Los Angeles and San Diego counties, it said.
Vibra Bank’s one branch office in Chula Vista will be added to Pacific Commerce Bank’s existing network of branch offices in Los Angeles, West Los Angeles and San Diego.
On Tuesday, when the merger closed, Frank Mercardante, previously the president and CEO of Vibra Bank, became CEO of Pacific Commerce Bank, the statement said, adding that Mercardante and former Vibra Bank directors Luis Maizel and Max Freifeld will join the Pacific Commerce Bank Board of Directors.
“The combination of these two well-respected community banks creates a strong and vibrant organization with the ability to bring value to customers, shareholders, and the local communities in which they serve for the long- term,” said Pacific Commerce Bank Chairman Thomas Iino
Under the terms of the merger agreement, Pacific Commerce Bank is issuing $5.75 million in cash and approximately 1,989,461 shares of Pacific Commerce Bank stock in exchange for all outstanding Vibra Bank shares.
Vibra Bank shareholders are to receive 4.0188 shares of Pacific Commerce Bank stock or $23.59 in cash, or a combination thereof, for each share of Vibra Bank share that they own depending upon how they elected to receive their merger consideration.
Established in 2002, Pacific Commerce Bank is a business-oriented community bank with offices in downtown Los Angeles, West Los Angeles, San Diego and now Chula Vista.
— City News Service