Oct 24 - Pacific Continental Corp. (Nasdaq: PCBK), the holding company of Pacific Continental Bank in Eugene, Ore., has announced the signing of a definitive agreement to acquire Century Bank of Eugene for cash consideration of $13.4 million, or $13.13 per share. The cash consideration per share represents approximately 109 percent of Century Bank's tangible book value as of Sept. 30, 2012. Pacific Continental Corp. expects the acquisition to be immediately accretive to earnings per share.
The boards of Pacific Continental Corporation, Pacific Continental Bank and Century Bank unanimously approved the transaction, which is subject to customary conditions of closing including required regulatory approvals and approval by shareholders of Century Bank. On closing of the transaction, which is anticipated to take place during the first quarter of 2013, Pacific Continental Bank's total assets are projected to increase by approximately $86 million to $1.4 billion and deposits are expected to increase by approximately $69 million to more than $1 billion.
Hal Brown, CEO of Pacific Continental Bank, commented, "We have long stated our intent to pursue acquisition opportunities that make sense strategically, financially and culturally. As such, our acquisition of Century Bank is a step toward this strategic initiative." Brown added, "We look forward to working closely with Century Bank as we welcome and integrate their clients into our organization."
Tom Widmer, president and CEO of Century Bank, said, "When it became apparent to our board and management team that a change in ownership was the most prudent decision to make, it was important to us that we find the right partner." Widmer added, "Aside from being a well-respected competitor and valued community partner, we knew PCB would provide our clients with the same high-level of quality service they've come to expect. In the end, we knew Pacific Continental Bank was the best choice for our company."
About Century Bank
Founded in 2003, Century offers banking services to businesses, professionals and individuals throughout the Eugene, Ore., and greater Lane County area. As of Sept. 30, 2012, Century had approximately $85.8 million in total assets, $70.1 million in net loans, $69.1 million in deposits, and $12.3 million in stockholders' equity. More information about Century Bank can be found online at www.centurybankoregon.com.
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corp., delivers highly personalized services through 14 banking offices in Oregon and Washington. The bank also operates a loan production office in Tacoma, Wash. With $1.3 billion in assets at Sept. 30, 2012, Pacific Continental has established one of the most unique and attractive metropolitan branch networks in the Northwest with offices in three of the region's largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations. Information about Pacific Continental Bank can be found online at www.therightbank.com. Pacific Continental Corporation's shares are listed on the Nasdaq Global Select Market under the symbol "PCBK" and are a component of the Russell 2000 Index.