Irvine, CA-based First PacTrust Bancorp, the holding company for Pacific Trust Bank and Beach Business Bank, is to acquire Century City-headquartered The Private Bank of California in a deal - now approved by shareholders - whereby the latter firm will merge into Beach Business.

The deal is expected to finalize on July 1, at which point the combined unit will be renamed The Private Bank of California.

Subject to the terms of the merger agreement between all parties, at the closing of the merger all of the issued and outstanding shares of Private Bank common stock will be converted into the right to receive, in aggregate, 2,083,333 shares of First PacTrust common stock and $24,887,513 in cash.

Greg Mitchell, First PacTrust chief executive, previously said the deal will enable the firm to expand its Southern California footprint in “attractive markets” such as Los Angeles, Hollywood, Century City and Irvine.

Upon completion of the merger, the Nasdaq-listed firm expects to have some $2.2 billion in total assets, with 22 branches in Los Angeles, Orange, San Diego and Riverside counties, as well as 23 loan production offices in California, Arizona, Oregon and Washington.

As part of the transaction, Richard Pachulski, David Misch, Richard Smith, and Nick Zappia will continue working with First PacTrust after the deal has been sealed. Pachulski will serve as chairman of First PacTrust’s newly-formed advisory board. View other related appointments here.