San Diego, Calif. – 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.