ARROYO GRANDE, Calif. - Mid-State Bancshares has again amended its deal to buy Americorp, this time because of lower-than-expected earnings at $281 million-asset Americorp.
Under the amendment announced Friday, shareholders of Ventura, Calif.,-based Americorp could receive a maximum of 70% in stock, with the remainder to be paid in cash.
The original agreement, announced in April, was for an all-stock pooling-of-interests transaction under which Americorp shareholders would receive $28.75 in $1.4 billion-asset Mid-State stock for each Americorp share. It was amended in May to be a purchase transaction in which Americorp shareholders could exchange 60% to 100% of their stock for Mid-State's and get the remainder in cash.
Americorp announced its second-quarter results Friday and said earnings for the rest of the year would also be below projections.
The deal price would remain $63.7 million and the purchase is expected to be completed in September.