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First Choice Bancorp acquiring Pacific Commerce Bancorp in $110M deal

Cerritos, Calif.-based First Choice Bancorp is acquiring Los Angeles-based Pacific Commerce Bancorp in an all-stock deal valued at about $110.4 million, or $11.54 per share.

Pacific Commerce common shareholders will receive a fixed ratio of 0.46531 of a First Choice common share. The estimated value of the deal is based on a 30-trading-day, volume-weighted average price of $24.83 for First Choice's common stock as of Feb. 23.

Details to follow.