Pacific Union Bank (NASDAQ:PUBB)
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Korea Exchange Bank Completes Capital Infusion and Transfers its Shares of
Pacific Union Bank to Trustee
LOS ANGELES, Nov. 3 /PRNewswire-FirstCall/ -- PACIFIC UNION BANK has been
advised that Korea Exchange Bank, which holds approximately 62% of Pacific Union
Bank's outstanding shares, has received the previously announced capital
infusion from Lone Star Fund IV (U.S.), L.P. and its affiliates (collectively,
"Lone Star"), which results in Lone Star holding a majority of the outstanding
voting stock of Korea Exchange Bank.
Pacific Union Bank has been advised that Korea Exchange Bank has placed all of
the shares of common stock it holds in Pacific Union Bank into a trust pursuant
to a trust agreement entered into between Korea Exchange Bank and the trustee,
Mr. L. Dale Crandall. While Korea Exchange Bank retains all of the economic
interest in the Pacific Union Bank shares being transferred to the trust, the
trust agreement gives the trustee voting and dispositive power over Korea
Exchange Bank's shares in Pacific Union Bank and directs the trustee to dispose
of all or substantially all of such interest either directly through a sale or
in connection with a merger or similar transaction of Pacific Union Bank with a
third party. Mr. Crandall has engaged Merrill Lynch as financial advisor and
Skadden, Arps, Slate, Meagher & Flom as legal counsel in connection with any
such disposition. The transfer of the shares to the trustee does not affect the
day-to-day business and operations of Pacific Union Bank.
Pacific Union Bank also announced that its Board of Directors has appointed a
Special Committee comprised of its independent, outside directors who are not
affiliated with Korea Exchange Bank to evaluate any potential transaction that
may involve Pacific Union Bank. The Special Committee will participate with the
trustee in evaluating possible alternatives and transactions. The Special
Committee has engaged Friedman, Billings, Ramsey & Co., Inc. as its financial
advisor and Manatt, Phelps & Phillips, LLP as legal counsel. There can be no
assurance that any disposition by the trustee of Korea Exchange Bank's interest
in Pacific Union Bank will involve a merger or similar transaction of Pacific
Union Bank.
Pacific Union Bank is a California state chartered commercial bank headquartered
in Los Angeles, California, which commenced operations in September 1974. The
Bank's primary market includes the greater Los Angeles metropolitan area, Orange
County, Santa Clara County and the San Francisco metropolitan area. Through its
network of 12 full-service branch offices, and a loan production office in
Seattle, Washington, the Bank provides a wide range of commercial and consumer
banking services to the Korean-American communities. The Bank's primary focus
is on its core customer base of small and medium sized Korean-American
businesses, professionals and other individuals. The Bank places a particular
emphasis on the growth of its low cost core-deposit base and the origination of
commercial and residential real estate loans. For additional information, visit
the website for Pacific Union Bank located at http://www.pacificunionbank.com/.
This Release contains statements that constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The words
"believe", "estimate", "expect", "intend", "anticipate", and similar expressions
and variations thereof identify certain of such forward-looking statements which
speak only as of the dates which they were made. The Bank undertakes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information future events or otherwise. Readers are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from those indicated in the forward-looking statements as a
result of various factors. Readers are cautioned to not place undue reliance on
these forward-looking statements.
DATASOURCE: Pacific Union Bank
CONTACT: David Warner, President and Chief Executive Officer of Pacific
Union Bank, +1-213-386-4574
Web site: http://www.pacificunionbank.com/