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Article: Santa Barbara Bank & Trust and Citizens State Bank of Santa Paula agree to merge.
- Article from:
- Business Wire
- Article date:
- June 3, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SANTA BARBARA, Calif.--(BUSINESS WIRE)--June 3, 1997--Santa Barbara Bancorp (NASDAQ/NM:SABB), holding company for Santa Barbara Bank & Trust, and Citizens State Bank of Santa Paula Tuesday announced the signing of a definitive agreement whereby Citizens State Bank would be merged with and into Santa Barbara Bank & Trust.
The agreement provides for Citizens State Bank shareholders to receive $1,925 in cash for each of the 8,400 Citizens' shares outstanding. The transaction, valued at $16.17 million, represents 1.79 times Citizens' estimated book value at March 31, 1997, and 14.3 times 1996 earnings.
The merger is anticipated to close at the end of ...