Western Alliance Bancorp To Buy Bridge Capital For About $425 Mln.

(RTTNews) - Western Alliance Bancorp (WAL) on Monday said it has agreed to buy Bridge Capital Holdings (BBNK) in a cash and stock deal valued at about $425 million.

As per the terms, each shareholder of Bridge Capital Holdings will receive 0.8145 of a share of Western Alliance Bancorp and $2.39 in cash for each share of Bridge common stock owned.

The deal includes certain unvested restricted stock awards and stock options previously issued by Bridge Capital that will be converted to Western Alliance equity awards.

The deal is expected to be completed in the fourth quarter of 2015.

Upon completion, Bridge Capital's principal operating subsidiary, Bridge Bank, will merge with and into Western Alliance Bank, a subsidiary of Western Alliance Bancorp.

Robert Sarver, CEO of Western Alliance Bancorp, said "We're delighted to be combining our resources with Bridge Capital... Bridge Bank's exceptional funding profile and low cost of deposits provide the rare opportunity to improve our liquidity and margins simultaneously."

Sandler O'Neill + Partners, L.P. acted as financial advisor to Bridge in this transaction.