American Riviera Bank and The Bank of Santa Barbara announced a merger agreement this week that, once completed, will form the second-largest bank in the City of Santa Barbara with assets of more than $400 million. American Riviera Bank’s Jeff DeVine will serve as the combined bank’s president and CEO; The Bank of Santa Barbara’s Joanne Funari will be its executive vice president and COO. Shareholders of The Bank of Santa Barbara are expected to receive a total of 1,586,000 shares of American Riviera Bank common stock, equating to an exchange ratio of 0.8546 shares of ARBV for each common share of The Bank of Santa Barbara. Based on the $9.70 closing price of ARBV as of July 14, 2015, consideration for each common share of The Bank of Santa Barbara is $8.29 and the total consideration is $15.4 million.
