While many banks stocks are weighed down by prospects for stress tests , Pacific Capital shareholders are big winners today: a unit of Japan’s largest bank agreed to purchase the California bank holding company at a 60% premium.
Shares of Pacific Capital (PCBC), halted for a time,Â are up 57%, or $16.36. to $45.05. The stock closed Friday at $28.69.
UnionBanCal, a unit of Mitsubishi UFJ Financial Group (MTU), offered $46 per share for the parent of Santa Barbara Bank & Trust and other affiliated bank names. It has 47 branches and $6.3 billion in assets, and boasts the largest trust and investment management operation in its market – the central coast of California.
The deal values Pacific Capital at roughly $1.5 billion;Â it is expected to close in the fourth quarter.
Shares of Mitsubishi UFJ traded on the New York Stock Exchange were off 1.55%, or 8 cents, to $5.07.
See our previous post on banks that could raise dividends in light of Federal Reserve stress tests.