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FNB Bancorp to buy Oceanic Bank Holding for USD27.8m.


26 March 2012 a[euro]" US-based FNB Bancorp (OTCBB:FNBG), owner of First National Bank of Northern California, has agreed to buy Oceanic Bank Holding Inc for nearly USD27.8m (EUR21m) in cash, the companies said in a statement today.

The transaction, pending regulatory clearance, is scheduled for completion during the third quarter of the year. It is estimated to be immediately earnings enhancing. The takeover will complement FNB's ongoing organic network expansion, it said.

The company being acquired is the parent of Oceanic Bank, which has two offices in San Francisco and one on the island of Guam. The lender had net loans of about USD117m, total deposits of around USD120m and total assets of some USD169m in 2011.

Milestone Advisors LLC and Dodd Mason George LLP are advising FNB, while Raymond James (NYSE:RJF) and Bingham McCutchen LLP are consulting Walter J. Mix III, the independent trustee for a voting trust set up to hold the Oceanic Bank Holdings shares.Country: USASector: Banking/Financial ServicesTarget: Oceanic Bank Holding IncBuyer: FNB BancorpVendor: Walter J. Mix III-headed voting trustDeal size in USD: 27.8mBuyer advisor: Dodd Mason George LLP, Milestone Advisors LLC


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Publication:M & A Navigator
Date:Mar 26, 2012
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