76.7 F
San Fernando
Monday, Mar 18, 2024
Array

First California Cancels Proposed Merger

The proposed merger between First California Financial Group Inc. and Premier Service Bank has been terminated because it did not meet a Dec. 31 deadline. First California Financial, the Westlake Village-based parent of First California Bank, would have added two branches in Riverside County had the $2 million deal gone through. The merger between the two financial institutions was announced in February 2012 but the transaction was unable to be completed by the Dec. 31 deadline. A release from the banks did not detail why the deal fell apart. First California Bank is a 15-branch institution serving southern California from San Luis Obispo to San Diego counties. The institution has $2 billion in total assets. Premier Service Bank is headquartered in Riverside with a branch office in Corona. First California is being acquired by PacWest Bancorp in a deal valued at $231 million expected to close in the first quarter.

Featured Articles

Related Articles