Western Alliance Bancorporation and Bridge Capital Holdings Agree to Merge

Date : 03/09/2015 @ 5:39PM
Source : Business Wire
Stock : Bridge Capital Holdings (MM) (BBNK)
Quote : $22.02 0.19 (0.87%) @ 6:15PM

PHOENIX & SAN JOSE, Calif., Mar 09, 2015 (BUSINESS WIRE) -- Western Alliance Bancorporation WAL, +0.16% and Bridge Capital Holdings BBNK, +5.43% announced today that they have signed a definitive agreement pursuant to which Western Alliance Bancorporation will acquire Bridge Capital Holdings. Immediately following the completion of the acquisition, Bridge Capital’s principal operating subsidiary, Bridge Bank, will merge with and into Western Alliance Bank, a wholly owned subsidiary of Western Alliance Bancorporation. Following the bank merger, Western Alliance plans to operate its Northern California offices and the existing Bridge Bank offices as a combined division under the Bridge Bank trade name.

The Agreement provides that each shareholder of Bridge Capital Holdings will receive 0.8145 of a share of Western Alliance Bancorporation and $2.39 in cash for each share of Bridge common stock owned. In aggregate, the transaction is valued at approximately $425 million, including certain unvested restricted stock awards and stock options previously issued by Bridge Capital that will be converted to Western Alliance equity awards under the terms of the Agreement.

Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation, commented, “We’re delighted to be combining our resources with Bridge Capital. Dan Myers and his team have built a fast growing, well-managed organization that substantially strengthens our Northern California presence, while providing new avenues for growth in technology and international services. Bridge Bank’s exceptional funding profile and low cost of deposits provide the rare opportunity to improve our liquidity and margins simultaneously.”

Sarver continued, “We believe this combination will create significant value for Western Alliance shareholders, both immediately and longer term, and are very excited to add Bridge’s innovative products and model to our platform.”

Daniel P. Myers, President and Chief Executive Officer of Bridge Capital Holdings, said, “We’re very excited at the growth opportunity this partnership with Western Alliance Bank represents for Bridge Bank. Our momentum is strong coming into this merger, and the additional resources it brings will allow us to better support our growing roster of business clients, and accelerate our expansion in all of our business lines and markets we serve.”

This transaction has been approved by the board of directors of each company and is subject to customary closing conditions, including approval by the shareholders of Bridge Capital Holdings and banking regulatory authorities. It is expected to be completed in the fourth quarter of 2015.

[....]

http://www.marketwatch.com/story/western-alliance-bancorporation-and-bridge-capital-holdings-agree-to-merge-2015-03-09

*By my estimation BBNK shareholders will receive $26.32 in value for each share. Todays closing price prior to the announcement was $22.02...this represents a 16% premium over the closing price.

**This offer came in at well over 2X Book. Impressive! The cost to gain growth via acquisition is high!

BBNK is headquarters in Santa Clara, CA.... which is in the heart of San Jose / Silicon Valley.

Recognized by The Findley Reports as a Super Premium Performing Bank, and designated "Superior" by Bauer Financial and IDC, Bridge Bank is a full-service professional business bank, and preferred SBA lender, founded in the highly competitive climate of Silicon Valley in 2001.

Assets: $1.76B

BV: $11.33

MV: $22.90

P/B is 2.02

http://www.marketwatch.com/story/bridge-capital-holdings-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2014-2014-10-16

*BBNK is a possible candidate target acquisition bank for MCHB (Ford & Co).

Map of Santa Clara and it's proximity to San Jose;

http://www.bing.com/maps/default.aspx?encType=1&where1=Santa%20Clara%2c%20California&cp=37.3557395935059~-121.954986572266&qpvt=Santa+Clara+map&FORM=MIRE

Marker:
Bridge Capital Holdi (BBNK)
$22.90 down -0.205 (-0.89%)
Volume: 9,760

~ Thursday! $BBNK ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $BBNK ~ Earnings expected on Thursday *
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Bridge Capital Holdings is a bank holding company. The Company is a holding company for its subsidiary, Bridge Bank, National Association (the Bank). The Bank is engaged in general commercial banking business, and accepts checking and savings deposits, makes commercial, real estate, auto and other installment and term loans, and provides other customary banking services. The Bank attracts its loan and deposit business from the residents and numerous small and middle market businesses and professional firms located in Santa Clara County. The Bank provides the local business and professional community with banking services. In addition, the Bank provides some specialized services to its customers. These services include courier deposit services to key locations or customers throughout the Bank's service area, small business administration (SBA) loans, factoring and asset-based loans and Internet banking.

http://www.google.com/finance?q=BBNK