BSBN - What does BSBN stand for? The Free Dictionary
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The BSBN acquisition presented heightened integration risk due to the fact that PRTR was acquiring a bank almost twice its size that had been plagued by weak credit quality, particularly in its C&I portfolio.
In conjunction with the acquisition of BSBN, PRTR completed its 'second-step' conversion from a 'two-tier' mutual company to a fully public financial institution.
As such, PRTR's ratings are consistent with the ratings previously assigned to BSBN.
Proceeds from the stock offering were used to cover the estimated $347 million cost of the BSBN acquisition (60% stock/40% cash).