-
Four out of five banks that closed important deals last week did so in four months or less. First PacTrust, which is new to getting M&A approval from regulators, needed 10 months to close one deal and has another pending after more than a year.
July 12
Banking regulators have finally cleared First PacTrust Bancorp (BANC) to buy Gateway Bancorp.
The Federal Reserve has approved the deal more than a year after it was announced, the $1.3 billion-asset First PacTrust said Thursday. The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency had previously given it the green light.
The deal is scheduled to close on Aug. 17. First PacTrust has all the approvals it needs from banking regulators and must clear the Justice Department's 15-day waiting period, a First PacTrust spokesman said Friday.
It took longer than expected to get the approvals because regulators had been concerned about Gateway's financial problems, First PacTrust CEO Gregory Mitchell
Under an amended purchase agreement, the deal is valued at $15.5 million, or roughly 60% of Gateway's tangible common equity at June 30, instead of $17 million
The deal for Gateway in Cerritos, Calif., would be First PacTrust's second to close this year. It completed
