SAN DIEGO, Nov. 18, 2010 /PRNewswire-FirstCall/ -- Bank of
Southern California, N.A. (OTC Bulletin Board: FBBN) and Palm
Desert National Bank have announced that they have received
regulatory approval for Bank of Southern
California to acquire two branch offices from Palm Desert
National Bank (PDNB). The transaction is expected to close on
December 3, 2010.
Nathan Rogge, President and Chief
Executive Officer of Bank of Southern
California, said, "We are very pleased to receive the
required approvals for this transaction, which will allow us to
realize our strategic goal of expanding the bank's footprint within
the Southern California
region."
Gary Lewis Evans, President and
Chief Executive Officer of Palm Desert National Bank, said, "We
have been serving clients in this region for over 28 years and we
look forward to continuing a strong presence in this area from our
flagship office in Palm
Desert."
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 $260 million in assets as of
September 30, 2010.
The offices being acquired by Bank of Southern California are the Palm Springs office, located at 333 N. Palm
Canyon Drive, Suite 102, in Palm
Springs, and the La Quinta
office at 47-000 Washington Street in La
Quinta. All deposit customers and most loan customers will
automatically become Bank of Southern
California customers in connection with the branch
transaction.
Bank of Southern California,
which operates offices in Del Mar,
Carlsbad, Ramona and Downtown
San Diego, had $131 million in
assets as of September 30, 2010.
Established in 2001, Bank of Southern
California, N.A., a nationally chartered financial
institution, is locally owned and managed and is committed to
meeting the financial needs of the 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.
Forward Looking Statements
Certain statements in this press release contain forward-looking
statements that are based on management's expectations, estimates,
projections and assumptions. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results and trends may differ materially
from what is forecast in forward-looking statements due to a
variety of factors.
All forward-looking statements speak only as of the date of this
press release. All subsequent written and oral forward-looking
statements attributable either to Palm Desert National Bank or Bank
of Southern California, N.A., or
any person acting on their behalf are qualified by the cautionary
statements in this press release. Palm Desert National Bank and
Bank of Southern California, N.A.,
do not undertake any obligation to update or publicly release any
revisions to forward-looking statements to reflect events,
circumstances or changes in expectations after the date of this
press release.
Media Inquiries:
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Dan Peoples, Peoples &
Company, 858-552-1456,
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for Bank of Southern
California
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Gary Lewis Evans for Palm Desert
National Bank, GEvans@PDNB.com
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SOURCE Bank of Southern
California