First PacTrust Bancorp Inc is a multi-bank holding company for Pacific Trust Bank and Beach Business Bank. Today, the company announced the completed acquisition for The Private Bank of California. The acquisition was completed by means of merging The Private Bank of California with Beach Business Bank. Upon closing of the transaction, the latter was renamed The Private Bank of California.
Chief Executive Officer for First PacTrust Steven Sugarman said that the company is thrilled to welcome The Private Bank of California along with its talented workers in to the organization. The closing of this transaction is an important step for First PacTrust that now has consolidated assets amounting to US$3 billion. First PactTrust has increased its position to serve the banking needs of clients in Los Angeles, Orange County and San Diego markets.
First PacTrust appointed FIG Partners LLC as its financial adviser. Wachtell, Lipton, Rosen & Katz served as legal counsel for the acquisition deal. Milestone Advisors acted as financial adviser to The Private Bank of California and King, Holmes, Paterno & Berliner, LLP served as its legal counsel.
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