West Coast Bancorp Announces Per Share Merger Consideration in Pending Acquisition of Mid-Valley Bank
17 Juni 2006 - 12:16AM
PR Newswire (US)
LAKE OSWEGO, Ore., June 16 /PRNewswire-FirstCall/ -- West Coast
Bancorp (NASDAQ:WCBO) today announced the per share merger
consideration for its pending acquisition of Mid-Valley Bank
(OTC:MVBO.OB) (BULLETIN BOARD: MVBO.OB) headquartered in Woodburn,
Oregon. The per share merger consideration to be paid to Mid-Valley
Bank shareholders is $19.19. This per share merger consideration is
based on a market value of $27.97 per share for West Coast Bancorp
common stock, which is the average of the closing prices for West
Coast Bancorp shares for the ten consecutive trading days ending
June 15, 2006 (the valuation method specified in the merger
agreement). Assuming that no additional shares of Mid-Valley Bank
stock are issued prior to the closing of the merger transaction,
the exchange ratio for the stock consideration will be 0.6861
shares of West Coast Bancorp common stock for each Mid-Valley Bank
share, the cash consideration will be $19.19 for each Mid-Valley
Bank share, the total number of West Coast Bancorp shares issued in
the merger will be approximately 607,815 and the total amount of
cash consideration, excluding cash paid to Mid-Valley Bank option
holders and cash paid in lieu of fractional shares, will be $5.0
million. In addition, approximately $3.6 million will be paid in
cash to Mid-Valley Bank option holders upon surrender of their
options. Based on the West Coast Bancorp average closing price
stated above, the total value of the merger consideration payable
to Mid-Valley Bank's shareholders and option holders is
approximately $25.6 million. The merger transaction has received
approval from applicable federal and state bank regulators and is
expected to close on June 23, 2006, following expiration of the
15-day antitrust waiting period. West Coast Bancorp, one of Oregon
Business Magazine's 100 Best Companies to Work For, is a Northwest
bank holding company with $2.0 billion in assets, operating 52
offices in Oregon and Washington. The Company combines the
sophisticated products and expertise of larger banks with the local
decision making, market knowledge and customer service of a
community bank. For more information, visit the Company website at
http://www.wcb.com/. Mid-Valley Bank operates along Interstate 5 in
the Willamette Valley with four full-service branches in Woodburn
(2), Wilsonville and Mt. Angel. For more information about
Mid-Valley Bank, visit its website at http://www.mvboregon.com/.
Forward Looking Statements: Statements in this release regarding
future events, performance or results, including the anticipated
effect of the proposed merger on financial results and operations,
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 ("PSLRA") and are made
pursuant to the safe harbors of the PSLRA. Actual results could be
quite different from those expressed or implied by the
forward-looking statements. Factors that could cause results to
differ from forward-looking statements include, among others:
failure of the proposed merger transaction to receive final
regulatory approvals; a change in the number of shares of
Mid-Valley Bank common stock outstanding; difficulties in
integrating the acquired bank with existing operations or retaining
customers and employees; and higher-than-expected merger and
integration-related expenses. Readers are cautioned not to place
undue reliance on the forward-looking statements, which reflect
management's analysis only as of the date of this release. Readers
should carefully review the disclosures West Coast Bancorp files
from time to time with the Securities and Exchange Commission. West
Coast Bancorp undertakes no obligation to publicly revise or update
the forward-looking statements to reflect events or circumstances
that arise after the date of this release. DATASOURCE: West Coast
Bancorp CONTACT: Robert D. Sznewajs, President & CEO of West
Coast Bancorp, +1-503-598-3243; or Don R. Judson, President &
CEO of Mid-Valley Bank, +1-503-980-2320 Web site:
http://www.wcb.com/ http://www.mvboregon.com/
Copyright
West Coast Bancorp (MM) (NASDAQ:WCBO)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
West Coast Bancorp (MM) (NASDAQ:WCBO)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
Echtzeit-Nachrichten über West Coast Bancorp (MM) (NASDAQ): 0 Nachrichtenartikel
Weitere West Coast Bancorp (MM) News-Artikel