Fourth Acquisition in Coachella Valley Demonstrates Commitment to Desert Region
San Diego, Calif., June 1, 2016 – Bank of Southern California (OTC Pink: BCAL) announced that it has reached a definitive agreement to acquire the deposits of the La Quinta branch of Opus Bank located at 78080 Calle Estado #101, La Quinta, pending regulatory approval. The sale is anticipated to close on or about August 19, 2016.
Opus Bank customers will continue to do business with their current Opus Bank branch until the sale is completed. At the close of the transaction, the deposits of Opus Bank’s La Quinta customers will be transitioned to the existing Bank of Southern California La Quinta office. The two offices are approximately three miles apart from each other. At close, Opus Bank customers will also have access to Bank of Southern California’s Palm Desert – El Paseo and Rancho Mirage branches.
“Bank of Southern California has been serving the Coachella Valley for nearly 6 years, and has quickly become known as the desert’s community bank, replacing several hometown community banks that no longer exist. This acquisition leverages our existing presence in the Coachella Valley and 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 in the desert” commented Nathan Rogge, President and CEO of Bank of Southern California.”
“This purchase will mark the fourth 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. In January 2014, the bank acquired the Palm Desert branch of AmericanWest Bank, and in December 2014 the bank acquired Frontier Bank dba El Paseo Bank through a purchase and assumption agreement with the FDIC,” concluded Rogge.