California United Bank of San Fernando Valley and Orange County-based Premier Commercial Bancorp have established a merger agreement, allowing California United Bank to acquire Premier Commercial Bancorp and its two offices.
California United Bank, which has eight offices in Southern California, will combine its Orange County loan production office with Premier Commercial Bancorp’s Newport Beach/Irvine office. Premier Commercial Bancorp’s Anaheim and Newport Beach/Irvine offices will remain as full-service branches.
The $38.1 million merger was conducted under the financial advisory of Hovde Financial Inc., for California United Bank, and the Findley Group, for Premier Commercial Bancorp. The agreement has been approved by both banks’ board of directors and is awaiting the approval of bank regulatory authorities. It is scheduled to close in the second quarter of 2012.
California United Bank president and CEO David Rainer said, “The combination of CUNB and PCBP will create a strong banking presence in the Southern California Market, allowing us to reach additional clients and provide additional products, including SBA lending. The combination is expected to create one of the largest independent banks headquartered in Southern California and presents significant prospects for our communities, employees and shareholders.”
“We believe this is a considerable opportunity for our customers and employees and offers our shareholders not only an excellent value but provides them with the ability to participate in the long-term growth opportunity of our combined franchise,” said Kenneth Cosgrove, CEO of Premier Commercial Bancorp. “The capabilities of a larger institution will enable us to better penetrate our markets and expand our menu of services.”
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