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PACIFIC WESTERN NATIONAL BANK AGREES TO ACQUIRE WEST COVINA OFFICE OF THE BANK OF CALIFORNIA

 PACIFIC WESTERN NATIONAL BANK AGREES TO ACQUIRE
 WEST COVINA OFFICE OF THE BANK OF CALIFORNIA
 PICO RIVERA, Calif., April 15 /PRNewswire/ -- Pacific Western National Bank (OTC: PACW) yesterday signed a definitive agreement with The Bank of California to acquire certain assets and the deposits of the latter institution's West Covina banking office. The acquisition, which is subject to regulatory approval, is expected to be completed during the third quarter of this year.
 Dana Godfrey, president and chief executive officer of Pacific Western National Bank, said, "The acquisition of the West Covina office presents an exceptional opportunity for Pacific Western to expand into and service the San Gabriel Valley. The strong deposit base at the West Covina office will serve as an excellent foundation for the bank's growth in this desirable marketplace."
 The banking office, located at 200 S. Vincent Ave., was established in 1976 by Hacienda Bank. In 1983, Hacienda was acquired by The Mitsubishi Bank of California, which subsequently was merged in 1988 into The Bank of California. At March 31, 1992, the West Covina office had $13 million in deposits.
 Yasumasa Gomi, chairman, president and chief executive officer of The Bank of California, said, "The sale of the office is part of a larger strategic plan to consolidate our business efforts and focus more specifically on meeting the financial requirements of small and middle-market businesses, as well as business owners, professionals and executives."
 Pacific Western National Bank has $66.6 million is assets and operates two community banking offices in Pico Rivera and Downey, Calif.
 The Bank of California, the first incorporated banking institution in the West, is the state's sixth-largest bank, with $8.5 billion in assets. It operates 51 banking offices in California, Washington and Oregon, and 11 international offices.
 -0- 4/15/92
 /CONTACT: Dana Godfrey of Pacific Western National Bank, 310-948-3446; or John C. Kaufman, 415-765-2628; or Ruth Bailey, 415-765-3213, both of The Bank of California/
 (PACW) CO: Pacific Western National Bank; The Bank of California, ST: California IN: FIN SU: TNM


MM-DG -- SF003 -- 8747 04/15/92 13:17 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
Words:347
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