A small Southland bank announced it has completed its acquisition of another.
Manhattan Bancorp, a bank holding company with approximately $210 million in assets, said the merger of its Bank of Manhattan subsidiary with Professional Business Bank became effective after the close of business Thursday. Manhattan announced its intention to acquire Professional in November 2011.
"The combination of these two great institutions will enable us to better serve our collective customer base," Terry Robinson, chief executive officer of Manhattan Bancorp and Bank of Manhattan, said in a statement this morning.
He said he looks forward to "steadily increasing our market share, assisted by this transaction, with increased capital, higher lending limits, an expanded market for our mortgage division and increased efficiencies."
Under the merger agreement, Professional Business Bank shareholders will receive 1.7991 shares of Manhattan Bancorp common stock for each share they own, according to Manhattan Bancorp. Fractional shares will not be issued; instead, Professional shareholders will receive cash in lieu of fractional shares based on the book value per share of Manhattan common stock as of April 30, 2012.
Under the agreement, Professional Business Bank President and Chief Banking Officer John Nerland becomes president of Manhattan Bancorp and Bank of Manhattan.
The Bank of Manhattan will maintain full-service branches in Pasadena, Glendale, Montebello, El Segundo and, starting this summer, Manhattan Beach, and mortgage offices in San Diego, Newport Beach, Huntington Beach, Hermosa Beach, Woodland Hills and West Los Angeles, a Manhattan Bancorp statement said.
Professional Business Bank -- with two facilities in Pasadena, one in Glendale and one in Montebello -- has been serving as a full service commercial banking company with approximately $225 million in assets, focussing on small and middle market businesses, with an emphasis on closely-held companies, throughout the San Gabriel Valley and the Tri-Cities area.