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Subsequent Events (Notes)
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Pending Acquisition of Security California Bancorp
 
On October 1, 2015, the Corporation announced that, on September 30, 2015, it and Security California Bancorp, a California corporation (OTCQB: SCAF), entered into an Agreement and Plan of Reorganization (the “Merger Agreement”) pursuant to which SCAF will be merged with and into the Corporation, with the Corporation surviving (the “Corporate Merger”), immediately followed by the merger of SCAF’s wholly-owned bank subsidiary, Security Bank of California, a Riverside, California based state-chartered commercial bank (“Security Bank”), with and into the Bank, with the Bank surviving (the “Bank Merger”). The Corporate Merger and Bank Merger are collectively referred to as the “Proposed Transaction.” At September 30, 2015, SCAF had $733 million in total assets, $477 million in gross loans and $648 million in total deposits. Security Bank has six branches located in Riverside County, San Bernardino County and Orange County, California and a loan production office located in Los Angeles County, California. 
 
Under the terms of the Merger Agreement, upon consummation of the Corporate Merger, holders of SCAF common stock will have the right to receive 0.9629 shares of the Corporation’s common stock for each share of SCAF common stock they own. Based on a $20.32 closing price of the Corporation’s common stock on September 30, 2015, the aggregate merger consideration is approximately $118.9 million or $19.57 per share of SCAF common stock. Holders of SCAF’s stock options will receive cash consideration of approximately $766 thousand in the aggregate for the in-the-money value. The exchange ratio reflecting the number of shares of the Corporation’s common stock to be issued in exchange for each share of SCAF common stock is fixed so long as the Corporation’s stock price remains between $16.550 and $22.391, as measured by the 20-day average closing price up to and including the fifth trading day prior to closing of the Proposed Transaction. The value of the stock consideration will fluctuate based on the value of the Corporation’s common stock. In the event the average closing price of the Corporation’s common stock is outside this price range, then the exchange ratio will be adjusted to reflect the increase or decrease in the average closing price of the Corporation’s common stock that is outside of this range. The per share stock consideration of 0.9629 shares of the Corporation’s common stock also is subject to possible downward adjustment in the event certain of SCAF’s aggregate transaction-related expenses exceed amounts specified in the Merger Agreement.

The Proposed Transaction is expected to close early in the first quarter of 2016, subject to satisfaction of customary closing conditions, including regulatory approvals and approval of SCAF’s and the Corporation’s shareholders. Directors and executive officers of SCAF have entered into agreements with the Corporation and SCAF whereby they committed to vote their shares of SCAF common stock in favor of the acquisition. For additional information about the proposed acquisition of SCAF, see the Corporation’s Current Report on Form 8-K filed with the SEC on October 1, 2015 and the Merger Agreement which is filed as an exhibit to the Current Report on Form 8-K.