West Coast Community Bancorp (OTCPK:SCZC) entered into an agreement to acquire 1st Capital Bancorp (OTCPK:FISB) for $60.4 million on May 20, 2024. The transaction valued at approximately $63 million, or $10.78 per FISB share, based on the closing price of $29.94. Under the terms of the Agreement, shareholders of FISB are expected to receive a fixed exchange ratio of 0.36 shares of SCZC common stock in exchange for each share of FISB common stock.

The transaction is subject to customary closing conditions, including regulatory approvals and shareholder approval from both parties. Both Boards of Directors of West Coast Community Bancorp and 1st Capital Bancorp have unanimously approved the transaction, which is expected to close in the fourth quarter of 2024. Keefe, Bruyette & Woods, Inc. acted as financial advisor and Gary Steven Findley & Associates acted as legal advisor to West Coast Community Bancorp.

Adam Keefer, David Sandler and Crockett Harper of Piper Sandler & Co. acted as financial advisor and Stuart Moore Staub acted as legal advisor to 1st Capital Bancorp.