San Juan Capistrano-based Capital Bank agreed to be bought for $60 million in cash and stock by San Diego-based Seacoast Commerce Banc Holdings.
Capital shareholders will get about $53.6 million plus an additional $6.4 million for stock option holders.
Capital Bank shares rose 29% to $29.78 in recent trading. Seacoast, which has a market cap of $109 million, rose 10 cents, or 0.6%, to $18.30.
Capital Bank was founded in 2008 and has two branches and assets of $305.2 million as of March 31. Upon closing, two members of Capital’s board of directors are expected to join the Seacoast board.
Seacoast said it will become “the largest locally headquartered bank in San Diego County” with assets of $905.6 million. Seacoast’s primary business is in U.S. Small Business Administration loans.
The acquisition is expected to close in the fourth quarter, subject to regulatory and shareholder approvals.
