UnionBanCal in in San Francisco has completed its $1.5 billion purchase of Pacific Capital Bancorp (PCBC) in Santa Barbara, Calif. The deal, which the companies announced in March and closed Saturday, merged the $5.9 billion Santa Barbara Bank & Trust into the $88.2 billion Union Bank, which is wholly owned by Bank of Tokyo Mitsubishi UFJ Financial Group Inc.
Two other bank deals that were announced earlier this year have also closed in recent days.
Crescent State Bank of Cary, N.C. and VantageSouth Bank of Burlington, N.C. said Monday they have completed the merger of the $260 million-asset VantageSouth into the $826 million-asset Crescent. The banks, both majority-owned by Piedmont Community Bank Holdings in Raleigh, N.C., agreed to merge in August.
The combined company has 20 branches and will operate under the VantageSouth Bank name.
Also, the $5.6 billion-asset WesBanco (WSBC) in Wheeling, W.Va., said late Friday that it closed on its $71 million acquisition of Fidelity Bancorp in Pittsburgh. The deal, announced in July, gives WesBanco more than $665 million of assets and an additional 13 branches in western Pennsylvania.
Fidelity's president and chief executive, Richard G. Spencer, will join the board of WesBanco, and other managers at Fidelity were named to new posts at WesBanco to oversee the Pennsylvania markets.