SANTA MONICA, Calif. Professional Bancorps shareholders have approved the deal to sell the company to First Community Bancorp for $16.2 million.
In a press release Wednesday, Professional Bancorp said it expects the deal to close early in the first quarter. Shareholders gave the approval in a special meeting held Tuesday.
Professional Bancorp shareholders are to receive either $8 a share or 0.55 shares of First Community per share.
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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