Professional Business Bank

Belvedere Capital has agreed to acquire a majority interest in Professional Business Bank (OTC BB: PBBK), a Pasadena, Calif.-based bank serving < ?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Southern California businesses. Under terms of the deal, PBB shareholders will receive $23 per share in cash or 0.87 shares of a newly formed holding company that will own 100% of PBB. Shareholders will elect their form of consideration, with 52.5% of the outstanding shares expected to receive cash and the remaining 47.5% to receive holding company shares, subject to the allocation provisions of the agreement.