Bank of Southern California closes Frontier Bank acquisition.
BANKING AND CREDIT NEWS-November 11, 2014--Bank of Southern California closes Frontier Bank acquisition
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11 November 2014 -- US-based Bank of Southern California (OTC: FBBN) said that it has purchased substantially all the assets and liabilities of Frontier Bank FSB dba El Paseo Bank through a purchase and assumption agreement with the FDIC.
El Paseo Bank operates two branches located in Palm Desert on El Paseo Drive and in Rancho Mirage, Country Club Village on Monterey Avenue which will reopen on Monday, November 10, 2014 as part of Bank of Southern California.
Existing El Paseo Bank customers will be able to conduct business as usual with the same employees, the bank said.
This transaction leverages Bank of Southern California's existing presence in the Coachella Valley. El Paseo Bank will make this the third acquisition in the Coachella Valley for Bank of Southern California.
In December 2010, the bank acquired the La Quinta and Palm Springs branches of Palm Desert National Bank as its entry into the Coachella Valley, which the bank considers a key Southern California market, and in January 2014, the bank acquired the Palm Desert branch of AmericanWest Bank.
Additionally, Bank of Southern California recently hired Mark Gustafson, a community banker in the desert as Coachella Valley market executive to help lead the bank's growth in the region.
Gustafson most recently served as market president for First California Bank which was sold and merged into Pacific Western Bank.
A community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, Calif., is locally owned and managed and offers a range of financial products to individuals, professionals, homeowner associations, and small to mid-sized businesses.
The bank has eight offices in San Diego County and the Coachella Valley in Riverside County.
Find out more at www.banksocal.com.
1 USD = .63 GBP
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Nov 11, 2014|
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