Umpqua Holdings announced a definitive agreement to purchase California-based Circle Bancorp, parent company of Circle Bank. The agreement provides for cash consideration to the common shareholders of $20.4M, or $17.75 per share. Including the planned cash redemption of $3.5M in preferred stock and the value of outstanding options and warrants, the total aggregate deal value is approximately $24.9M. Completion is expected during Q4. Umpqua Holdings Corporation expects the acquisition to be immediately accretive to operating earnings per share with minimal impact on tangible book value per common share. The combined organization will have assets of approximately $11.8B, deposits of approximately $9.4B and shareholders’ equity of approximately $1.7B.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.