Shareholders have approved the pending sale of Pacific Enterprise Bancorp in Irvine, Calif., to of BayCom in Walnut Creek, Calif.
The votes had some last-minute drama when Shaul Kopelwitz, a big Pacific Enterprise shareholder, disclosed that he would vote against the $53 million deal. He took issue with the discounted pricing of the acquisition.
The $2.1 billion-asset BayCom agreed in September to buy the $647 million-asset Pacific Enterprise.
BayCom said it has already received all required regulatory approvals. It expects to complete the acquisition in the first quarter.