First California Financial Group and Premier Service Bank Sign Definitive Merger Agreement
First California Financial Group, Inc. (NASDAQ: FCAL), the holding company of First California Bank, and Premier Service Bank (OTC: PSBK) today announced the signing of a definitive agreement, in which Premier Service Bank will merge into First California Bank. The transaction is expected to close during the third quarter of 2012, subject to regulatory and shareholder approvals and other customary closing conditions.
Under the terms of the merger agreement, Premier Service Bank's shareholders will receive, subject to certain adjustments, consideration of $2.0 million, or approximately $1.59 per share, in the form of FCAL common stock. Currently, this would equal 477,269 common shares and result in an exchange ratio of 0.3784 FCAL shares for each share of PSBK common stock outstanding.
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