First California Financial Group expanded its presence in Riverside County following its merger with Premier Service Bank.
The transaction between the two financial institutions is valued at about $2 million. The deal is expected to close in the third quarter.
Westlake Village-based First California Financial Group owns First California Bank with 19 offices in Southern California. Premier Service Bank is headquartered in Riverside with a branch office in Corona.
“The transaction provides the opportunity to expand First California Bank's presence in the Riverside and Corona markets and add a talented group of bankers,” First California President and CEO C. G. Kum said in a prepared statement. “Premier Service Bank has a strong customer base and fits into our desired geographic footprint extremely well.”
Premier Service Bank had assets of $141 million as of Dec. 31, 2011.
Premier President and CEO Kerry L. Pendergast is expected to stay on as market president for the two former Premier branches and a First California branch in Redlands.
Mark R. Madler