Pacific Revises Terms With Riverside Banks

Pacific Community Banking Group of Laguna Hills said it has revised its merger agreements with two Riverside County banks, after declining bank stock values had put the deal on hold. Pacific Community, which plans an initial public offering at the same time as the mergers, said it will pay $51 per share, plus one Pacific Community warrant, for Bank of Hemet in Riverside and $5 in cash and $5 in Pacific Community common stock for Valley Bank in Moreno Valley. When it originally announced the merger July 30, Pacific Community said it would pay $58.50 per share in cash for Bank of Hemet and $12.50 a share for Valley Bank. The Riverside banks are thinly traded over-the-counter and last traded in November, with Bank of Hemet closing at $47.25 and Valley Bank closing at $7.25.. The merged banks would have assets of about $375 million.