Pacific Continental prices $42 million public offering

Fri. October 16, 2009; Posted: 02:39 PM

Oct 16, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- PCBK | Quote | Chart | News | PowerRating -- Update on October 14, 2009:

Pacific Continental Corporation, the bank holding company for Pacific Continental Bank, has increased the amount of common stock to be sold in its underwritten public offering to $42 million, and priced the offering at $8.75 per share, for a total of 4.8 million shares.

The company has granted the underwriters a 30-day option to purchase up to an additional 720,000 shares of common stock to cover over-allotments, if any.

The company expects to close the transaction on or about October 20, 2009.

Announcement (October 10, 2009):

Pacific Continental has commenced an offering of approximately $35 million of its common stock in an underwritten public offering. Pacific Continental will grant the underwriters a 30 day option to purchase up to an additional 15% of the common stock to cover over-allotments.

D.A. Davidson & Co. is acting book-running manager. Howe Barnes Hoefer & Arnett as co-manager and FIG Partners LLC is acting as underwriter of the offering.

Deal Value (US$ Million) 42
Deal Type                IPO
Sub-Category             Secondary Offering,Secondary Offering
Deal Status              Announced: 2009-10-10

Deal Participants

Target 1 (Company) Pacific Continental Corporation
Target 2 (Company) Pacific Continental Corporation

Deal Rationale

The net proceeds from the offering will be used for general corporate purposes including growth and acquisitions.

Offer Price ($ per share) 8.75
No. Shares Issued         4800000

For full details on Pacific Continental Corp (PCBK) click here. Pacific Continental Corp (PCBK) has Short Term PowerRatings of 6. Details on Pacific Continental Corp (PCBK) Short Term PowerRatings is available at This Link.

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