Belvedere SoCal and First Heritage Bank Announce Termination of Negotiations.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Belvedere Belvedere (bĕl`vədēr, Ital. bālvādĕ`rā), court of the Vatican named after a villa built (1485–87) for Innocent VIII. SoCal, a Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, small business-focused bank holding company, and First Heritage Bank N.A. today announced the termination of negotiations regarding their previously announced strategic alliance and non-binding term sheet. "We determined that it was in the best interests of both parties to end the discussions and focus on our respective businesses," Alan Lane, Executive Chairman of Belvedere SoCal, said. "First Heritage has demonstrated an impressive growth trajectory Trajectory The curve described by a body moving through space, as of a meteor through the atmosphere, a planet around the Sun, a projectile fired from a gun, or a rocket in flight. and assembled a strong team that will continue to serve them well as part of First National Bank Holding Company." The termination of the discussions will allow Belvedere SoCal to focus on its core growth initiatives that include geographic expansion and additional acquisitions, with the goal of becoming Southern California's leading small business-focused community bank. First Heritage Bank N.A. will remain a wholly-owned subsidiary of First National Bank Holding Company, a $4 billion banking institution based in Scottsdale, Arizona Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " . "At this time, we believe that First Heritage and Belvedere SoCal will each be in a better position as separate companies," Gary Dorris, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of First National Bank of Arizona, said. "We have the highest respect for Belvedere SoCal. Throughout our discussions they demonstrated that they are a first-class organization with an ambitious vision." As previously announced, Belvedere SoCal completed the acquisition of Professional Business Bank on November 23, 2007. About Belvedere SoCal Belvedere SoCal, the holding company for Professional Business Bank, was formed to aggregate Southern California community bank franchises for the purpose of building the leading small business-focused community bank in the region. Belvedere SoCal is also in the process of completing the previously announced acquisition of Spectrum Bank (Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). ) and recently received Federal Reserve approval for that transaction. Other regulatory approvals are still pending. About Professional Business Bank Headquartered in Pasadena, CA, Professional Business Bank was created by business leaders for business leaders. Through its branch network and seasoned personnel, Professional Business Bank offers personal and business deposit and loan relationships. Loans are offered through commercial, construction, real estate, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government and CalCAP lending officers. Additional information may be found at www.probizbank.com or by calling 626-395-7000. About First Heritage Bank, N.A. First Heritage Bank, N.A. is a subsidiary of First National Bank Holding Company. Since approval of a national charter in February of 2005, First Heritage has shown strong growth in the middle market segment focusing on commercial businesses with sales up to $250 million. Additionally, First Heritage has established numerous commercial and residential developer relationships. Headquartered in Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , First Heritage has extended its commercial operations to cover Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. and Downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . The experienced Middle Market Bankers specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in delivering innovative solutions to match diverse customer requirements. Since inception, over $450 million in new credit relationships along with complex treasury management customers have been brought under management, a portion of which have been participated through the First National Bank affiliates. Additional information may be found at www.fhbankna.com. About First National Bank Holding Company First National Bank Holding Company is the Southwest's largest privately held, family-owned banking institution. Headquartered in Scottsdale, Arizona it has more than 1,100 employees and combined assets in excess of $4 billion among its three subsidiary banks, First National Bank of Arizona, First National Bank of Nevada and First Heritage Bank. First National Bank is a leading provider of business and community banking services for business owners and consumers. It offers a full range of lending, deposit products, treasury management and wealth management services. Business lending is focused on commercial and industrial, real estate construction and permanent and SBA loans. For more information, please visit www.fnbaonline.com. FORWARD LOOKING STATEMENTS Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. When used in this release, the words or phrases such as "will likely result in," "management expects that," "will continue," "is anticipated," "estimate," "projected," "believes," "intends," or similar expressions, are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers should not place undue reliance on the forward-looking statements, which reflect views only as of the date hereof. Neither Belvedere SoCal, Professional Business Bank, First National Bank Holding Company nor First Heritage Bank N.A. undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. |
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