Pacific Continental in Eugene, Ore., has agreed to buy Capital Pacific Bancorp in Portland, Ore.
The $1.5 billion-asset Pacific Continental will pay $42.4 million, or $15.75 a share, in cash and stock for the $256 million-asset Capital Pacific. Pacific Continental said 60% of the consideration will be stock.
The acquisition is expected to in the first quarter. Pacific Continental said the transaction should be immediately accretive to its earnings per share, excluding merger-related expenses.
"We are excited to increase our presence in the Portland market and this combination allows us to deploy a portion of our current capital base into a compelling investment," Hal Brown, Pacifica Continental's chief executive, said in a press release late Wednesday.
D.A. Davidson and Pillsbury Winthrop Shaw Pittman advised Pacific Continental. Wedbush Securities, Feldman Financial Advisors and Miller Nash advised Capital Pacific.
Pacific Continental disclosed in July that Brown would retire at the end of this year. He will be succeeded by Roger Busse, the company's chief operating officer.