Bank of Southern California and Palm Desert National Bank announced that they have signed a definitive agreement for Bank of Southern California to acquire two branch offices from Palm Desert National Bank (PDNB). The expectation is that the transaction will close by mid October 2010, pending regulatory approvals.
The offices being acquired 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. Bank of Southern California plans to retain the employees who currently work in those offices.
Upon completion of the transaction, Palm Desert National Bank will continue to operate their Palm Desert office, located at 73-745 El Paseo. The bank had $237.5 million in assets as of June 30, 2010. Palm Desert National Bank is a locally owned and independent bank, a wholly owned subsidiary of Palm Desert Investments. Palm Desert National Bank is a nationally chartered financial institution. They are also home to Electronic Banking Solutions (EBS), a division that was established in 1994 with a mission to provide premier electronic banking services throughout the U.S. for a variety of product line services.
Bank of Southern California had $127.3 million in assets as of June 30, 2010. They operate offices in Del Mar, Carlsbad, Ramona and Downtown San Diego.
Nathan Rogge, President and Chief Executive Officer of Bank of Southern California, said, “This acquisition is consistent with our plans to continue to expand the bank’s footprint within San Diego County and beyond. We are excited about the economic opportunities in the Coachella Valley and believe the region has a bright future as the economy recovers. Palm Desert National Bank shares our commitment to high quality service and our focus on the business and professional banking markets. We plan to work closely with them to ensure a smooth transition as we establish new business relationships and grow in this market.”
Gary Lewis Evans, President and Chief Executive Officer of Palm Desert National Bank, stated, “This asset sale strengthens our capital position as we continue to serve our long-time clients. Clients in this region have relied on our bank for over 28 years, and we look forward to serving their needs with exceptional products and services from our flagship office in Palm Desert for many years to come.”
Headquartered in San Diego, California, Bank of Southern California is locally owned and managed. Established in 2001, their commitment is to meeting the financial needs of small and medium-sized companies that make up Southern California’s business community. Bank of Southern California remains one of the strongest, best-capitalized banks in Southern California, with a growing asset base and loan portfolio.
For more information visit: www.banksocal.com