One PacificCoast Bancorp (OPCB) in Oakland, Calif., has received regulatory approval to acquire a controlling stake in Albina Community Bancorp (ACBC) in Portland, Ore.
The $121 million-asset Albina will sell 90.1% of its common stock to OnePac and its holding company, One PacificCoast Foundation, according to a Federal Reserve order dated Wednesday. Plans for the sale were first announced in January.
OnePac currently has $291 million of assets $228 million of deposits. It operates four branches in California, Oregon and Washington, according to the Federal Deposit Insurance Corp.
Albina and OnePac will continue operating separately after the sale, according to the Fed order. Albina has five offices in Portland, Ore.
Albina's bank unit has been operating under a consent order since March 2010. The order includes directives to maintain a minimum Tier 1 leverage ratio of 10% and minimum total risk-based capital of 12%; reduce classified assets and commercial real estate concentrations; and maintain a fully funded allowance for loan losses.
The acquisition will bring Albina into compliance with the capital requirements and allow Albina to continue improving asset quality, according to the order. OnePac plans to appoint two directors to Albina's board and to advise the bank on risk-management policies.