Chula Vista, Calif.-based First PacTrust Bancorp Inc. has entered into a definitive agreement to purchase all of the shares of Gateway Bancorp, the privately held holding company for Cerritos, Calif.-based Gateway Business Bank. The deal includes Mission Hills Mortgage Bankers, a Gateway Business Bank division.
Under the terms of the agreement, Gateway Bancorp shareholders will receive an aggregate consideration of up to $17 million in cash, subject to certain provisions. At closing, the combined company is expected to have total assets exceeding $1 billion and will operate through 14 bank branch locations throughout Southern California and 22 loan production offices through Mission Hills in California, Arizona and Oregon.
‘We are also particularly excited about the opportunity to support our new Mission Hills Mortgage Bankers team members as they take advantage of market opportunities and grow their mortgage origination business throughout the West Coast,’ says Gregory A. Mitchell, First PacTrust's president and CEO.