First PacTrust Bancorp (
) is a $1.7 billion multi-bank holding company. The company
provides commercial, residential and consumer banking in
California as well as loan offices in Arizona, Oregon and
Washington. Based out of Irvine, Calif., First PacTrust has a
market cap of $133.1 million.
On March 5 First PacTrust announced that its board of directors
declared a quarterly cash dividend of $0.12 per share on its
outstanding stock. This marks the eighth cash dividend that goes
towards First PacTrust's Dividend Reinvestment Plan (DRIP). The
participants in this DRIP program could choose to convert their
cash dividend directly back into BANC shares at a 3% discount
from the current market price.
CEO of First PacTrust Bancorp Steven Sugarman added 10,057 shares
to his stake on March 6 in order to get the ball rolling on the
DRIP program. The shares traded at an average cost of $11.18.
This transaction cost Sugarman $112,437. This is Sugarman's first
buy since he sold 417,827 shares in August 2012. Director Robb
Evans also added 10,000 shares at $11 each, costing him a total
Sugarman comes to First PacTrust with a strong past in finance
and investments. He was previously a founding partner and
portfolio manager for GPS Partners LLC and from 2004 to 2005 he
worked at Lehman Brothers overseeing portfolios of debt, equity
and other investments. Sugarman is also licensed as a California
real estate broker and bember of the California State Bar.
Sugarman co-authored "The Forewarned Investor: Don't Get Fooled
Again by Corporate Fraud" and holds a degree from Yale Law
For 2012 the company announced a net loss of $3.2 million
compared to the $5.6 million loss of 2011. Non-interest income
for the fourth quarter of 2012 was at $16 million.
"First PacTrust Bancorp is well positioned in terms of its team,
capital and strategy," said Sugarman. "We continue to focus on
the closing of the acquisition of The Private Bank of California,
the realization of operating synergies relating to our recently
closed acquisitions, and the continued expansion of our
Commercial Banking and Residential Lending platforms. We remain
confident in our ability to execute these key initiatives and
demonstrate the considerable earnings power of our franchise."
With its stock up 1.98% this afternoon, First PacTrust Bancorp
trades at $11.34.
No Gurus followed by GuruFocus hold shares in First PacTrust.
For more information on insider trading within First PacTrust
Steven Sugarman's Market Overview.
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