In premarket session on the last check today, First Choice Bancorp (NASDAQ: FCBP) shares advanced 2.85% to $31.77. Last trading session, FCBP stock gained 27.24 percent to close at $30.92. The value of the FCBP stock fluctuated between $29.50 and $31.53. The FCBP stock shot up following the announcement of joining a merger with a similar firm.
Merger in brief:
The bank holding company for First Choice Bank is First Choice Bancorp, headquartered in Cerritos, California. Getting a loan from FCBP is like getting a loan from another bank. FCBP is a Preferred Small Business Administration (SBA) Lender. We serve mostly business and consumer clients and are a commercial and private banking institution. They’re also an SBA-approved lender. There are eight full-service branches and two loan production offices of the FCBP throughout Los Angeles, Orange, and San Diego counties.
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It was announced Monday after market close that Enterprise Financial Services Corp (NASDAQ: EFSC) along with its subsidiary Enterprise Bank & Trust (“EB&T”) and First Choice Bancorp (FCBP) and its subsidiary First Choice Bank (“First Choice”) had entered into a definitive merger agreement.
- Under the agreement, FCBP will be merged into EFSC in an all-stock transaction.
- Based on the merger agreement, FCBP will merge with and into EFSC, followed by First Choice merging with and into EB&T.
- The deal is valued at approximately $397.7 million, worth approximately $33.40 per FCBP share, with EFSC and EB&T the surviving entities.
- Based on the closing price on April 23, 2021, for EFSC’s common stock, the acquisitions amount was offered.
- As of March 31, 2021, the combined company would have consolidated total assets of approximately $12.7 billion.
Fate of FCBP shareholders:
It is expected that EFSC will generate a rate of return on their investment of approximately 21%. First Choice Bancorp (FCBP) shareholders should own approximately 20% of the outstanding shares of the combined company while existing EFSC shareholders should own approximately 80%.