Pacific Commerce Bank in Los Angeles has agreed to buy Vibra Bank in Chula Vista, Calif.
The $209 million-asset Pacific Commerce will pay an undisclosed amount, in cash and stock, for the $148 million Vibra Bank. The deal values Vibra at 120% of its tangible book value. The deal is expected to close in the first quarter.
"This is the first transaction for Pacific Commerce Bank and is the culmination of two years of hard work to improve the bank's financial performance and establish a strong foundation on which to grow," Thomas Iino, the bank's chairman, said in a press release Thursday."
Frank Mercardante, Vibra's president and chief executive, will become CEO of Pacific Commerce after the deal closes, succeeding Scott Andrews, who will remain president. Mercardante and two other Vibra directors will join Pacific Commerce's board.
Western Financial and Stuart & Moore advised Pacific Commerce, while Performance Trust Capital Partners provided a fairness opinion. FIG Partners and King, Holmes, Paterno & Berliner advised Vibra.
