Pacific Capital Buying Los Robles In Calif. Bank's 2d Deal in a Month
Pacific Capital Bancorp of Santa Barbara, Calif., announced plans to buy Los Robles Bancorp in Thousand Oaks, Calif., for $32.5 million, or 2.7 times book value.Pacific Capital, which is the $2.8 billion-asset parent of Santa Barbara Bank and of Trust and First National Bank of Central California, would pay $23.12 for each Los Robles share. The deal was announced late Thursday and is expected to close in the third quarter.
Los Robles operates three branches in Southern California with $149 million of assets; Pacific Capital has 37 branches in six counties in central California. Los Robles is expected to be merged into Pacific Capital's Santa Barbara Bank and Trust subsidiary.
The deal is the second announced by Pacific Capital in as many months. In February it announced plans to buy $201 million-asset San Benito Bank in Hollister, Calif., in a stock deal worth about $52 million.
- Veronica Agosta
Vail Banks Strikes a Cash/Stock Deal To Acquire Estes, a Smaller Colo. Bank
Vail Banks Inc. in Colorado said it has struck a deal to acquire Estes Bank Corp. and its United Valley Bank subsidiary in Estes Park, Colo.Shareholders of privately held Estes would receive a combination of cash and stock for their shares, the company said. It declined to put a value on the deal.
E.B. Chester, chairman of Vail Banks, said no Estes personnel would lose their jobs. "We will let them continue to run it as it has been run. We think they've done a fine job," he said.
Mr. Chester added that the acquisition would be a "natural fit" for Vail Banks, which operates 23 offices in Colorado, many in resort areas such as Estes Park.
Estes Bank Corp. has $90 million of assets and the combined company would have more than $575 million of assets. The deal, which was announced last week, is expected to close this summer.