SAN DIEGO, Aug. 26 /PRNewswire-FirstCall/ -- Bank of
Southern California (OTC Bulletin Board: FBBN) and Palm Desert
National Bank have announced that they have signed a definitive
agreement for Bank of Southern
California to acquire two branch offices from Palm Desert
National Bank (PDNB). Pending regulatory approvals, the transaction
is expected to close by mid October
2010.
Nathan Rogge, President and Chief
Executive Officer of Bank of Southern
California, said, "This acquisition is consistent with our
plans to continue to expand the bank's footprint within
San Diego County and
beyond. We are excited about the economic
opportunities in the Coachella Valley and believe the region has a
bright future as the economy recovers. Palm Desert National Bank
shares our commitment to high quality service and our focus on the
business and professional banking markets. We plan to work
closely with them to ensure a smooth transition as we establish new
business relationships and grow in this market."
Gary Lewis Evans, President and
Chief Executive Officer of Palm Desert National Bank, said, "This
asset sale strengthens our capital position as we continue to serve
our long-time clients. Clients in this region have relied on
our bank for over 28 years, and we look forward to serving their
needs with exceptional products and services from our flagship
office in Palm Desert for many
years to come."
When the transaction is completed, Palm Desert National Bank
will continue to operate its Palm
Desert office, which is located at 73-745 El Paseo.
The bank had $237.5 million in
assets as of June 30, 2010.
The offices being acquired are the Palm Springs office, located at 333 N. Palm
Canyon Drive, Suite 102, in Palm
Springs, and the La Quinta
office is at 47-000 Washington Street in La Quinta. Bank of Southern California plans to retain the
employees who currently work in those offices. "We believe
having PDNB's employees join our company is important to
maintaining good customer relations and operating continuity,"
Rogge said.
Bank of Southern California,
which operates offices in Del Mar,
Carlsbad, Ramona and Downtown
San Diego, had $127.3 million
in assets as of June 30, 2010.
Established in 2001, Bank of Southern
California is locally owned and managed and is committed to
meeting the financial needs of small and medium-sized companies
that make up Southern California's
vibrant business community. Seasoned bankers, with an average
of over 20 years' experience, work one-on-one with clients to
understand their unique needs and then utilize a full range of
business and personal banking services to develop customized
banking solutions that contribute to the growth and success of
their business. Bank of Southern
California remains one of the strongest, best-capitalized
banks in Southern California, with
a growing asset base and loan portfolio. For more
information, visit www.banksocal.com or call (858) 847-4780.
Palm Desert National Bank is a locally owned and independent
bank, a wholly owned subsidiary of Palm Desert Investments.
Palm Desert National Bank is a nationally chartered financial
institution and is also home to Electronic Banking Solutions (EBS),
a division that was established in 1994 with a mission to provide
premier electronic banking services throughout the United States for a variety of product
line services. For more information, log on to
https://www.pdnb.com.
Media Inquiries:
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Dan Peoples, Peoples &
Company 858-552-1456
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Gary Lewis Evans, PDNB
GEvans@PDNB.com
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SOURCE Bank of Southern
California
Copyright . 26 PR Newswire