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First PacTrust Bankcorp acquires Gateway Business Bank

First PacTrust Bankcorp has acquired Gateway Business Bank.

21 August 2012

First PacTrust Bankcorp has completed its acquisition of Gateway Business Bank.

The overall consideration of this transaction reached $15.5 million (£9.83 million), which represents an estimated 60 per cent of the total amount of tangible common equity held by Gateway on June 30th.

First PacTrust Bancorp's subsidiary enterprise PacTrust Bank merged with Gateway immediately after the transaction and its branches opened under the PacTrust Bank brand on August 20th.

Gateway division Mission Hills Mortgage Bankers has also become one of PacTrust Bank's holdings, with this reorganisation including Mission Hills' 22 loan production officers in Washington, Oregon, Arizona and California.

Merger and acquisition consultants could have helped the tie-up run smoothly, which has resulted in First PacTrust now owning 19 banking offices, 23 loan production buildings and $1.6 billion in assets.

"We are excited about completing the merger of Gateway and PacTrust Bank and welcome our new customers to our strong and growing bank," PacTrust Bank chief executive officer Gregory Mitchell said.

Posted by Ron Maverick

Source: First PacTrust Bancorp press release, August 20th

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