PALM DESERT, Calif.,
Nov. 10, 2014 /PRNewswire/
-- Bank of Southern
California (OTC Markets "FBBN") announced today that it
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 and familiar faces they are presently doing
business with. "We welcome the customers of El Paseo Bank to Bank
of Southern California and look
forward to providing a comprehensive selection of products and
services such as business, commercial and consumer banking and
lending services, and a complete suite of online and mobile banking
options," said President and CEO Nathan
Rogge.
"This acquisition continues our mission of building Bank of
Southern California as a community
bank focused on providing a high level of service with a
relationship-based approach, a business model that El Paseo Bank
also practiced. This makes the combining of our two banks a good
fit for both customers and employees," added Rogge.
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. "The valley has lost
many of its community banks over the years, and Bank of
Southern California fills that
void, now with four banking offices in the Coachella Valley
region," concluded Nathan Rogge.
Additionally, Bank of Southern
California recently hired Mark
Gustafson, a seasoned community banker in the desert as
Coachella Valley Market Executive to help lead the bank's growth in
the region. Mr. Gustafson most recently served as Market President
for First California Bank which was sold and merged into Pacific
Western Bank. He also served as President and CEO of Canyon
National Bank. "I am very excited to be part of the Bank of
Southern California team of
community bankers. Through the bank's strategic acquisitions and
organic growth I am confident that Bank of Southern California will become the community
bank of choice, serving the needs of businesses and individuals in
the desert," added Mr. Gustafson.
About Bank of Southern
California:
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 wide range
of financial products to individuals, professionals, homeowner
associations, and small to mid-sized businesses. The Bank's
solution-driven, relationship-based approach to banking provides
accessibility to decision makers and enhances value through strong
partnerships with their clients. With eight offices in San Diego County and the Coachella Valley in
Riverside County, Bank of
Southern California remains
well‐capitalized, with a growing deposit base and loan portfolio.
For more information, visit www.banksocal.com or call (858)
847‐4780.
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SOURCE Bank of Southern
California