Monday, July 2, 2018

First Choice/Pacific commerce merger

First Choice Bancorp (FCBP) and Pacific Commerce (PCBC) have agreed to a merger in which PCBC will receive 0.46531 shares of First Choice, subject to adjustments.  The deal has been approved by shareholders of both companies as well as regulators and is expected to close by the end of the month.  Current spread is around 5%.

Disclosure: Long PCBC