SEATTLE, Nov. 24, 2014 (GLOBE NEWSWIRE) -- Wedbush Securities, one of the nation's leading financial services providers, is pleased to announce its key role in the Pacific Continental Corporation acquisition of Capital Pacific Bancorp on November 19, 2014. Wedbush Securities served as the leading financial advisor to Capital Pacific Bancorp (OTCQB:CPBO) ("CPBO") in its announced transaction with Pacific Continental Corporation (NASDAQ:PCBK) ("PCBK"), a $1.5 billion bank holding company that owns Pacific Continental Bank with 14 banking offices delivering business banking services in Oregon and Washington. Wedbush's Robert Rogowski, Managing Director, Private Client Services Investment Banking is the head advisor on the transaction and is a part of the newly added Community Banking Group within Wedbush's Private Client Services Group.
PCBK will acquire CPBO in a structured deal of 60% PCBK common stock and 40% cash. Based on the $13.77 closing price of November 19, 2014, the aggregate consideration for CPBO is approximately $42.4 million or $15.75 per share of issued and outstanding CPBO common stock. The number of shares of PCBK's common stock to be issued to CPBO shareholders is based on a fixed exchange ratio provided PCBK's stock price remains between $12.01 and $16.25 as measured by the 20-day closing price average of PCBK common stock up to and including the fifth trading day prior to the closing of the transaction. The value of the stock portion of the consideration will vary based on the value of PCBK's common stock.
CPBO, the holding company of Capital Pacific Bank, is headquartered in Portland, Oregon and has approximately $256 million in total assets under management. On a pro forma basis, with the proposed acquisition of CPBO, PCBK will have total loans and deposits of $591.1 million and $483.9 million, respectively, in the Metropolitan Portland market.
The transaction is expected to close by the end of the first quarter of 2015.
Wedbush Private Client Services Group provides differentiated wealth management services with more than 100 registered offices nationwide. Wedbush Financial Advisors are dedicated to clients' financial success, establishing relationships built on trust, supported by a firm built on experience, stability and innovation.
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Founded in 1955, Wedbush Securities is a leading financial firm that provides brokerage, clearing, investment banking, equity research, public finance, fixed income sales and trading, and asset management to individual, institutional and issuing clients. Headquartered in Los Angeles, with over 100 registered offices, the firm focuses on relentless service, client financial safety, continuity, and advanced technology. Wedbush Securities is the largest subsidiary of holding company WEDBUSH, Inc., which also includes affiliated firms Wedbush Asset Management, Wedbush Capital Partners, Wedbush Opportunity Partners, and Lime Brokerage LLC. Follow us on Twitter @Wedbush.
CONTACT: Brittany Price 213-688-8057 email@example.comSource:Wedbush Securities