Bellevue-based Foundation Bankcorp announced that it would be acquired by Pacific Continental Bank in a deal that will result in $2.4 billion in total assets.
“The acquisition of Foundation should provide us with meaningful operational scale and momentum in the Seattle market and we are excited to welcome Foundation’s employees and clients into our bank,” Pacific Continental Bank CEO Roger Busse said in a statement. “The Seattle metropolitan area is an important market for us with attractive economic and demographic trends. Foundation has built an attractive business banking franchise and we believe the combined company will be better positioned to take advantage of growth opportunities and generate stronger returns for shareholders.”
The acquisition agreement, which has been approved by the boards of directors for both organizations, offers stakeholders .7911 shares of Pacific Continental stock, $12.50 per share in cash, or a combination of the two, for Foundation Bankcorp stock.
Following the merger, Pacific Continental Bank will have $2.4 billion in assets, with $1.7 billion in outstanding loans, and $2.1 billion in total deposits. This includes $443.8 million in loans and $561.9 million in deposits in the Seattle metropolitan area.
“Pacific Continental Bank is one of the most successful and well-regarded community business banks in the Pacific Northwest,” said Duane Woods, vice chair and interim chief executive officer of Foundation Bank, in a statement. “Our clients and employees should thrive within the culture and business environment created by Pacific Continental’s more than 40 years of excellent community and client service.”