As per the transaction, the shareholders of Professional Business Bank will get 1.7991 shares of Manhattan Bancorp common stock for each share of Professional Business Bank they owned , while Professional Business Bank merged with and into Manhattan Bancorp’s primary subsidiary, Bank of Manhattan.
Instead of receiving fractional shares, Professional Business Bank shareholders will get cash in place of fractional shares based on the book value per share of Manhattan Bancorp common stock as of 30 April 2012.
Bank of Manhattan will operate its full-service branches in Pasadena, Glendale, Montebello, El Segundo and Manhattan Beach and through mortgage offices in San Diego, Newport Beach, Huntington Beach, Hermosa Beach, Woodland Hills and West Los Angeles, said the bank.
Commenting on the integration of the banks, Manhattan Bancorp and Bank of Manhattan, chief executive officer Terry Robinson said that the grouping of these two institutions will enable the bank to better serve its collective customer base.
John Nerland, the president and chief banking officer of Professional Business Bank has been named as the president of Manhattan Bancorp and Bank of Manhattan.
James Jones, Marshall Laitsch, Louis Smaldino and Michael Zoeller, members of the board of directors of Professional Business Bank, have joined the board of directors of Manhattan Bancorp and Bank of Manhattan.
