UnionBanCal Corp. to purchase Monterey Bay Bancorp for 2.57 times revenue

From: Weekly Corporate Growth Report | Date: April 14, 2003| Author: | Copyright information

Featured Transaction

The Deal: UnionBanCal Corporation has agreed to acquire Monterey Bay Bancorp Inc. for $96.5 million in cash and stock. UnionBanCal will pay about $48.3 million in cash and 1.1 million to 1.34 million of its shares for all outstanding shares of Monterey Bay. The transaction values Monterey Bay stock at about $26.32 per share. The deal, which has been approved by the boards of both companies, is expected to close in the third quarter of 2003.

Discussion: Monterey Bay Bancorp is the holding company for Monterey Bay Bank. The bank operates about 10 branches along the ...

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