UPDATE: Keefe Bruyette & Woods Initiates First PacTrust Bancorp With Market Perform, $12 PT - Banc of California (NYSE:BANC)

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Keefe Bruyette & Woods initiates its coverage on First PacTrust Bancorp (NASDAQ: BANC) with a rating of Market Perform and a price target of $12 a share. Keefe Bruyette & Woods notes, "First PacTrust Bancorp, Inc. (BANC) has done an excellent job of putting in place the building blocks necessary to transform from a San Diego thrift into a Southern California community bank, in our view. The company has successfully accomplished several meaningful changes since completing a capital raise in November 2010; however, we believe there is still a significant amount of work to be done as it grows into its new business model."BANC closed at $10.67 on Wednesday.

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