EUGENE, Ore., March 6, 2015 /PRNewswire/ -- Pacific
Continental Corporation (Nasdaq: PCBK), the holding company of
Pacific Continental Bank, today announced the completion of the
acquisition of Portland,
Oregon-based Capital Pacific Bancorp and its wholly-owned
subsidiary, Capital Pacific Bank. Following this acquisition,
Pacific Continental Bank has total assets of approximately
$1.7 billion, total loans outstanding
of approximately $1.2 billion and
total deposits of approximately $1.4
billion.
The company also affirmed that shareholders of Capital Pacific
Bancorp approved the merger transaction on March 3, 2015 and that Capital Pacific Bank
founder and board chair, Karen
Whitman has been appointed to the boards of directors of
Pacific Continental Corporation and Pacific Continental Bank.
"The closing of this acquisition underscores the tremendous
amount of work and preparation conducted by employees of both
organizations," said Roger Busse,
president and chief executive officer for Pacific Continental Bank.
"It also signals the collaboration of two talented groups of
employees creating a robust banking presence in the Portland market for the benefit of clients,
employees and the community."
Additional Information
Pacific Continental invites former Capital Pacific Bank
customers to visit any of their local offices – including PCB
offices in Portland and
Seattle. Additionally, former
Capital Pacific Bank customers are encouraged to visit Pacific
Continental's website – www.therightbank.com – to learn
more about their new bank. By clicking on the "Welcome Capital
Pacific Bank Customers" link, visitors to the website will be
directed to a FAQ document that will prove helpful.
Advisors
Pacific Continental Corporation was advised in the transaction
by D.A. Davidson & Co. as
financial advisor and Pillsbury Winthrop Shaw Pittman LLP as legal
counsel. Capital Pacific Bancorp was advised by Wedbush Securities,
Inc. and Feldman Financial Advisors, Inc. as financial advisors and
Miller Nash LLP as legal counsel.
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific
Continental Corporation, delivers highly personalized services
through fourteen banking offices in Oregon and Washington. The Bank also operates loan
production offices in Tacoma,
Washington and Denver,
Colorado. Pacific Continental has established one of the
most unique and attractive metropolitan branch networks in the
Pacific 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.
Since its founding in 1972, Pacific Continental Bank has been
honored with numerous awards and recognitions from highly regarded
third-party organizations including The Seattle Times, the Portland Business
Journal, the Seattle Business magazine and Oregon
Business magazine. A complete list of the company's awards and
recognitions – as well as supplementary information about Pacific
Continental Bank – can be found online at 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.
Forward-Looking Statement Safe Harbor
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
("PSLRA"). Such forward-looking statements include but are not
limited to statements about expectations regarding future events
and developments, such as anticipated benefits of the merger
transaction, and other statements that are not historical facts.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those projected, including but not limited to the following:
the risk that the benefits from the transaction may not be fully
realized or may take longer to realize than expected, including as
a result of changes in general economic and market conditions,
interest and exchange rates, monetary policy, laws and regulations
and their enforcement, and the degree of competition in the
geographic and business areas in which Pacific Continental and
Capital Pacific operate; the ability to promptly and effectively
integrate the businesses of Pacific Continental Bank and Capital
Pacific Bank; the reaction to the transaction of the companies'
customers, employees and counterparties; and the diversion of
management time on merger-related issues. Readers are cautioned not
to place undue reliance on the forward-looking statements, which
speak only as of the date on which they are made and reflect
management's current estimates, projections, expectations and
beliefs. Pacific Continental Corporation undertakes no obligation
to publicly revise or update the forward-looking statements to
reflect events or circumstances that arise after the date of this
release. This statement is included for the express purpose of
invoking PSLRA's safe harbor provisions.
FOR MORE
INFORMATION CONTACT:
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Michael
Dunne
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Public Information
Officer
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541-338-1428
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www.therightbank.com
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Email:
michael.dunne@therightbank.com
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pacific-continental-corporation-completes-acquisition-of-capital-pacific-bancorp-and-capital-pacific-bank-300046968.html
SOURCE Pacific Continental Corporation