American Perspective Bank, the San Luis Obispo-based lender being pursued by PacWest Bancorp, reported first-quarter profits of $462,000, about the same as it earned in the same period a year earlier.
American Perspective is being purchased by Los Angeles-based PacWest, parent of Pacific Western Bank, in a $58.1 million deal announced April 30. The offer trumps an earlier acquisition proposal by Umpqua Holdings Corp. in which the Oregon-based bank offered $44.7 million for American Perspective. The PacWest deal, which is still subject to shareholder and regulatory approval, is slated to close in the third quarter of this year.
American Perspective said it had record levels of loans, deposits and assets at March 31. Loans were up 1.7 percent to $184.4 million at the end of the quarter, aided in part by a conscious effort to boost residential investor real estate and commercial business loans, it said. Deposits increased 1.4 percent to $213.4 million at the end of the quarter, and assets were up 1.7 percent to $263.6 million.
American Perspective is one of the best-capitalized banks in the region. Its tier-one leverage ratio was 16.89 percent of assets at the end of the quarter, and its total risk-based capital ratio was 23.11 percent.
The deal with PacWest, which resulted in a $1.6 million termination fee paid to Umpqua, is moving along. In a statement, American Perspective CEO and President Mark Crawford said PacWest had sent several teams to San Luis Obispo to start the transition and to work on the regulatory application.
American Perspective’s shares were unchanged at $12.75 after the earnings announcement. The bank’s share price is trading almost 30 percent above the $9.87 it closed at on April 27, before the PacWest deal announcement. PacWest’s $13-per-share offer represents a 31.7 percent premium over American Perspective’s share price before the deal.