Burlingame Bancorp to be acquired.BURLINGAME, Calif.--(BUSINESS WIRE)--Oct. 10, 1995--Theodore H. Kruttschnitt, Chairman of Burlingame Bancorp, announced the signing of a definitive agreement for Burlingame Bancorp to be acquired by The Pacific Bank of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . Upon closing of the transaction, Burlingame Bancorp and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Burlingame Bank & Trust Co. will be merged into The Pacific Bank. The cash purchase price will be 122.3% of adjusted book value at the time of closing. The transaction is estimated to be valued at $8.6 million, or approximately $12.00 per share. The transaction is subject to various conditions including approval by the shareholders of both companies as well as regulatory approval and is scheduled to close in the second quarter of 1996. The Pacific Bank specializes in providing full banking and trust services to middle market businesses, professional service organizations and individuals. In addition to its San Francisco, Burlingame and Cayman Island offices, branches located in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. are dedicated to international trade finance. Michael Tun TUN, measure. A vessel of wine or oil, containing four hogsheads. Zan, President of The Pacific Bank, stated "The acquisition will allow us the opportunity not only to offer a full range of banking services using the present Burlingame Bank facility as the flagship for San Mateo County customers, but also to grow our loan portfolio and enter the SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loan market. We were especially attracted to Burlingame Bank because of its market presence and experienced staff and its community bank focus." CONTACT: Burlingame Bancorp David V. Campbell, 415/348-2500 |
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