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One PacificCoast enters into investment agreement with Albina Community Bank
Oakland, Calif.-based One PacificCoast Foundation unit One PacificCoast Bancorp Inc. entered into an investment agreement with Portland, Ore.-based Albina Community Bank, a subsidiary of Albina Community Bancorp ($130.3 million), to acquire a majority stake in the bank.
Terms of the deal, which involves a stock purchase by One PacificCoast Bancorp, were not disclosed.
The deal is structured to raise sufficient capital to bring Albina's regulatory capital ratios to the level required by its regulators. The announcement revealed that One PacificCoast Bancorp intends to operate Albina Community Bank as a separate, independent financial institution. The deal should close in the second quarter, subject to regulatory approval.
With the completion of the transaction, One PacificCoast Foundation will expand in Multnomah County, Ore., by five branches to be ranked No. 12 with a 0.50% share of approximately $29.14 billion in total market deposits, according to SNL data.
Northeast Portland Community Development Trust is the parent company of Albina Community Bancorp.
Hovde Securities LLC issued a fairness opinion in connection with the transaction.