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California | SOUTHLAND FOCUS

PBOC Says It's Considering a Sale

November 30, 2000|Bloomberg News

PBOC Holdings Inc., the parent company of People's Bank of California, said it's considering a sale of the company and has hired Keefe, Bruyette & Woods Inc. and Sandler O'Neill & Partners as advisors. The Los Angeles-based company said it's seeking ways to increase its share price. Chief Financial Officer Mike Holmes said a sale is one possibility but declined to specify other options. PBOC Holdings shares rose 19 cents to close at $8.94 on Nasdaq. The 52-week high was $9.94 on Jan. 18. The company said it has $3.3 billion in assets. This month, PBOC Holdings agreed to buy BYL Bancorp of Orange to add about $294 million in assets. Earlier this month, the trustees of the estate of Bernice Pauahi Bishop, the Hawaiian charitable educational trust, agreed to sell a 24% stake in the company for $47.6 million, or $10 a share, to FBOP Corp., an affiliate of the First Bank of Oak Park, Ill.

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