Pacific Continental raises $48.3 million in public offering

Wed. October 21, 2009; Posted: 02:32 PM

Look up the PowerRating of PCBK and see how it has performed over the past week as well as the current proprietary PowerRating.

Oct 21, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- PCBK | Quote | Chart | News | PowerRating -- Pacific Continental Corporation has completed a public offering of 5.52 million shares of its common stock, including 0.72 million shares pursuant to the underwriters' over-allotment option, at a price of $8.75 per share for total gross proceeds of $48.3 million.

Pacific Continental is the bank holding company for Pacific Continental Bank.

Update on October 14, 2009:

Pacific Continental 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 0.72 million 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 and Howe Barnes Hoefer & Arnett as co-manager in the offering. FIG Partners LLC is acting as underwriter of the offering.

Deal Value (US$ Million) 48.3
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-10-20

Deal Participants

Target (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         5520000

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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