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-Manhattan Bancorp wraps up buy of Professional Business Bank.

BANKING AND CREDIT NEWS-June 1, 2012--Manhattan Bancorp wraps up buy of Professional Business Bank(C)2012 M2 COMMUNICATIONS

1 June 2012 - US bank holding company Manhattan Bancorp (OTC:MNHN) said on Friday it had wrapped up the purchase of local Professional Business Bank, in line with an agreement signed in November 2011.

After the completion, Professional Business Bank was incorporated into Manhattan Bancorp's main unit, Bank of Manhattan, in a deal that took effect on 31 May.

As part of the transaction, Manhattan Bancorp will give Professional Business Bank shareholders 1.7991 common stock for each share they own. The shareholders will also get cash instead of fractional shares based on the book value of Manhattan Bancorp's common stock as of end-April.

The buyer also said it had named John Nerland, president and chief banking officer of Professional Business Bank, as president of Manhattan Bancorp and Bank of Manhattan. In addition, James Jones, Marshall Laitsch, Louis Smaldino and Michael Zoeller, previously board members of the acquired bank, have taken seats on the board of Manhattan Bancorp and Bank of Manhattan.

Manhattan Bancorp, with some USD210m (EUR169m) in assets, owns Bank of Manhattan and has a 70% stake in Manhattan Capital Markets LLC through its unit MBFS Holdings.

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 1, 2012
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