A big shareholder of Pacific Enterprise Bancorp has voiced his opposition to the Irvine, Calif., company’s pending sale to BayCom in Walnut Creek, Calif.
The $2.1 billion-asset BayCom agreed in September to buy the $647 million-asset Pacific Enterprise for $53.1 million in stock. The deal, which is expected to close in the first quarter, priced Pacific Enterprise at 87% of its tangible book value.
Kopelowitz said he has also applied with the Federal Reserve to buy more Pacific Enterprise shares.
Kopelwitz said he is willing to meet with Pacific Enterprise’s board to discuss “value-enhancing alternatives once this deal is hopefully voted down.”