[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | California United to Acquire Bank in Orange County | 12-09-2011
Inside
Weather
Santa Clarita CA
Sunny
Sunny
73°F
 
Calendar
Today in
S.C.V. History
August 20
1967 - New Town of Valencia dedicated; homes sell for $25,000 [story]


[California United Bank] – The Boards of Directors of San Fernando Valley headquartered California United Bank and Orange County based Premier Commercial Bancorp announced Friday that the companies entered into a merger agreement providing for California United Bank or a holding company to be formed for California United Bank (“CU Bancorp”), to acquire Premier Commercial Bancorp and its subsidiary Premier Commercial Bank.

The acquisition is valued at approximately $38.1 million, with the consideration being paid in the form of common stock of a bank holding company to be established, subject to regulatory and shareholder approval, for California United Bank. At September 30, 2011, California United Bank had total assets of $791.7 million, total deposits of $671.9 million, total loans of $465.1 million and eight offices; Premier Commercial Bancorp had assets of $450 million, total deposits of $386 million, net loans of $307 million and two offices. Upon completion of the transaction, California United Bank will have over $1.2 billion in assets, over $1 billion in deposits and over $772 million in loans. The transaction is expected to be immediately accretive to the combined entity’s earnings per share, excluding one-time transaction expenses. This is the second merger transaction by six year old California United Bank which acquired California Oaks State Bank in December 2010.

California United Bank intends to continue to operate both of Premier Commercial Bank’s branches in Anaheim and Newport Beach/Irvine as full-service branches. The California United Bank Orange County Loan Production Office will be combined with the Premier Commercial Bank Newport Beach/Irvine branch. At close, California United Bank will operate eight full-service branches; located in the San Fernando Valley, Santa Clarita Valley, Los Angeles, the South Bay, Conejo Valley, Simi Valley, Anaheim and Newport Beach/Irvine; and one commercial lending office located in Glendale/San Gabriel Valley.

The merger has been approved by the Boards of Directors of all parties. The transaction is subject to approval by bank regulatory authorities and the shareholders of California United Bank, CU Bancorp and Premier Commercial Bancorp, as well as other customary conditions. The bank holding company formation for CU Bancorp is also subject to approval by bank regulatory authorities and the shareholders of California United Bank. The transaction is expected to close in the second quarter of 2012.

“The combination of CUNB and PCBP will create a strong banking presence in the Southern California Market, allowing us to reach additional clients and provide additional products, including SBA lending,” said David Rainer, President and Chief Executive Officer of California United Bank. “We have always believed that Orange County presents significant opportunities for our middle-market focused business lending. We are pleased that PCBP Chairman and CEO Kenneth Cosgrove and Board member Robert Matranga will be joining our Board of Directors and assisting us as we partner with Premier Commercial Bank and its talented staff. We believe the strategic opportunities of this transaction are extremely attractive. The combination is expected to create one of the largest independent banks headquartered in Southern California and presents significant prospects for our communities, employees and shareholders. The merger with PCBP, which includes two full-service branches in Orange County, is a logical step in our strategy to achieve critical mass by expanding in local and adjacent markets with attractive demographics and to continue to build franchise value for our new and current shareholders.”

“Premier Commercial Bank has a history of strong credit quality and a tradition of relationship banking which will combine well with California United Bank’s commitment to these same values,” concluded Rainer.

“We believe this is a considerable opportunity for our customers and employees and offers our shareholders not only an excellent value but provides them with the ability to participate in the long-term growth opportunity of our combined franchise,” commented Kenneth Cosgrove, Chairman and Chief Executive Officer of Premier Commercial Bancorp and Premier Commercial Bank, N.A. “The capabilities of a larger institution will enable us to better penetrate our markets and expand our menu of services. California United Bank has built a strong franchise and we look forward to being a part of its future. I am pleased to be continuing on the Board of Directors of the combined company after the merger.”

The merger will be immediately preceded by the formation of CU Bancorp as a bank holding company for California United Bank. Premier Commercial Bank will be merged with and into California United Bank, with California United Bank and its California state banking charter surviving.

Premier Commercial Bancorp shareholders will receive 3,721,442 shares of CU Bancorp Stock which approximates a one for one exchange of shares. The value of California United Bank stock as of December 8, 2011 was $10.25 per share. Adjustment of the number of shares will occur upon certain changes in the market value of California United Bank stock. The receipt of CU Bancorp stock by shareholders of Premier Commercial Bancorp is expected to be structured as a tax-free exchange.

Both banks have been active in their communities with philanthropic activities. Among the charities they support are: The Boys and Girls Club of the West Valley, Casa Pacifica, Carousel Ranch, St. Joseph Hospital Foundation, Semper Fi Fund, Boys and Girls Club of Stanton and the Cystic Fibrosis Foundation. Both banks have received the coveted “Outstanding” rating from their bank regulators for performance under the Community Reinvestment Act (CRA).

Hovde Financial, Inc. acted as financial advisor to California United Bank and rendered a fairness opinion to the California United Bank Board of Directors. The Findley Group acted as financial advisor to Premier Commercial Bancorp and Vining Sparks rendered a fairness opinion to the Board of Directors of Premier Commercial Bancorp in conjunction with this transaction. Horgan, Rosen, Beckham & Coren acted as outside legal counsel to California United Bank and Gary Steven Findley and Associates acted as counsel for Premier Commercial Bancorp.

 

About California United Bank

California United Bank, which recently celebrated the sixth anniversary of its opening, provides a full range of financial services, including credit and deposit products, cash management, and internet banking for business, entrepreneurs, professionals and high net worth individuals throughout Southern California from offices in the San Fernando Valley, the Santa Clarita Valley, the Conejo Valley, Simi Valley, Los Angeles, South Bay, Glendale/San Gabriel Valley and Orange County. To view California United Bank’s most recent financial information, please visit the Investor Relations section of the Bank’s Web site. Information on products and services may be obtained by calling (818) 257-7700 or visiting the Bank’s Web site at www.cunb.com.

 

About Premier Commercial Bancorp

Premier Commercial Bancorp is the parent and bank holding company for Premier Commercial Bank, N.A. Premier Commercial Bank with $450 million in assets is located in Orange County with offices in Anaheim and Newport Beach/Irvine. Premier Commercial Bank was founded in 2001 as a locally owned community business bank. The bank provides a full range of products and services including commercial, real estate and SBA loans as well as cash management products and deposit services to businesses, entrepreneurs, professionals and the hospitality industry. Its unique capability in diversified lending, in addition to its customary community bank credit products, helps its customers meet their cash management goals. Further information may be obtained at www.pcboc.com.

 

Additional Information About the Transaction for Stockholders

In connection with the bank holding company formation and the proposed merger with Premier Commercial Bancorp, CU Bancorp will file with the Securities and Exchange Commission (the “SEC”) a Registration Statement that will include a joint proxy statement of CU Bancorp, California United Bank and Premier Commercial Bancorp that also constitutes a prospectus of CU Bancorp. California United Bank, CU Bancorp and Premier Commercial Bancorp will each mail the proxy statement/prospectus to their respective stockholders. Investors and security holders are urged to read the proxy statement/prospectus regarding the proposed merger when it becomes available, as well as any amendments or supplements to those documents, because it will contain important information. You may obtain a free copy of the proxy statement/prospectus (when available) and other related documents filed by CU Bancorp or California United Bank by writing to California United Bank, 15821 Ventura Boulevard, Suite 100, Encino, CA 91436, Attention: Corporate Secretary. The proxy statement/prospectus (when it is available) and the other documents may also be obtained for free by accessing California United Bank’s website at www.cunb.com under the tab “Investor Relations” and then under the heading “Filings”.

CU Bancorp, California United Bank, Premier Commercial Bancorp and Premier Commercial Bank, N.A. and their directors, and executive officers may be deemed to be participants in the solicitation of proxies from their shareholders in connection with the proposed merger. Information about the directors and executive officers of CU Bancorp, California United Bank and Premier Commercial Bancorp will be set forth in the proxy statement /prospectus relating to the merger when it becomes available. Information about California United Bank’s directors and executive officers is available in its Annual Report on Form 10-K and Form 10-KA for the year ended December 31, 2010, which were filed with the Federal Deposit insurance Corporation on March 14, 2011 and April 29, 2011, respectively, and its notice of annual meeting and proxy statement for its most recent annual meeting, which was filed with the FDIC on September 9, 2011. These documents are available at www.cunb.com under the Investor Relations tab.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
NASDAQ6216.5269  chart -0.09%
S&P 5002425.55  chart -0.18%
STOCKS OF LOCAL INTEREST
Bank Santa Clarita18.00  chart +0.00%
Biosolar, Inc.0.041  chart +0.00%
Sierra Bancorp25.39  chart -0.04%
Cu Bancorp (ca)35.05  chart -0.14%
Enable Ipc Corp0.001  chart +0.00%
Flex Ltd. - Ordinary Shares15.52  chart -1.83%
Linn Energy Llc Unit Repstg Ltd0.096  chart +0.00%
Linn Co Llc Com Shs Repstg Ltd 0.0431  chart +0.00%
Mannkind Corporation1.46  chart +4.29%
Mission Vly Bcp Ca13.81  chart -1.36%
Quest Diagnostics Incorporated104.87  chart -0.47%
Tejon Ranch Co20.02  chart +0.55%
Us Energy Initiative0.0004  chart -20.00%
Wesco Aircraft Holdings, Inc.7.75  chart +0.00%

Apple Inc.157.50  chart -0.23%
At&t Inc.37.37  chart -0.61%
Autonation, Inc.41.68  chart +1.76%
Best Buy Co., Inc.59.47  chart -1.13%
Big Lots, Inc.49.45  chart -0.60%
Barnes & Noble, Inc.7.35  chart -2.00%
Brady Corporation32.70  chart +2.35%
Boston Scientific Corporation26.89  chart +0.94%
N/a24  chart +0.00%
Cbre Group Inc Class A35.24  chart +0.95%
Carnival Corporation67.46  chart -0.07%
Comcast Corporation40.52  chart +0.62%
Costco Wholesale Corporation157.08  chart -0.94%
Curtiss-wright Corporation93.57  chart -0.73%
Cvs Health Corporation77.66  chart -1.56%
Cemex, S.a.b. De C.v. Sponsored9.20  chart +0.66%
D.r. Horton, Inc.35.69  chart -1.00%
Walt Disney Company (the)100.70  chart -0.67%
Edison International78.94  chart -0.09%
Hyatt Hotels Corporation Class 56.01  chart +0.09%
Home Depot, Inc. (the)147.49  chart -1.46%
Kb Home22.21  chart -1.94%
Kroger Company (the)22.86  chart +0.00%
Lennar Corporation Class A51.88  chart -1.89%
Laboratory Corporation Of Ameri153.91  chart -0.42%
Linn Energy Llc Unit Repstg Ltd0.096  chart +0.00%
Linn Co Llc Com Shs Repstg Ltd 0.0431  chart +0.00%
Lowe's Companies, Inc.73.64  chart -0.65%
Marriott International98.03  chart +0.19%
Mcdonald's Corporation157.76  chart -0.08%
Mitsubishi Ufj Financial Group,6.23  chart +0.65%
Netflix, Inc.166.54  chart +0.27%
Office Depot, Inc.4.12  chart +0.73%
Rite Aid Corporation2.22  chart -0.45%
Rexford Industrial Realty, Inc.28.36  chart -0.32%
Regal Entertainment Group Class15.12  chart -7.69%
Ross Stores, Inc.59.02  chart +10.67%
Republic Services, Inc.63.89  chart -0.37%
N/aN/A  chartN/A
Starbucks Corporation52.70  chart -0.64%
Smart & Final Stores, Inc.7.55  chart +4.86%
Sears Holdings Corporation8.65  chart +5.49%
Six Flags Entertainment Corpora53.89  chart -1.57%
Sonova N160.40  chart -0.37%
Staples, Inc.10.19  chart -0.10%
Sunpower Corporation9.24  chart +1.65%
Target Corporation55.65  chart -0.84%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.244.20  chart +1.15%
Walgreens Boots Alliance, Inc.80.03  chart -1.06%
Waste Connections, Inc.63.62  chart -0.86%
Whole Foods Market, Inc.41.73  chart +0.00%
Waste Management, Inc.75.25  chart -0.37%
Wal-mart Stores, Inc.79.31  chart -0.49%
Woodward, Inc.67.86  chart +0.97%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
1967 - New Town of Valencia dedicated; homes sell for $25,000 [story]
1879 - Newhall civic leader Charles Henry Kingsburry born in Missouri [story]
Alerted by a concerned citizen Friday, Santa Clarita Valley Sheriff's Station deputies once again rescued dogs the owner left in a car with the windows rolled up and no water.
Deputies Break Window, Rescue Dogs Locked in Car
40 oz. to Freedom arrives in Santa Clarita as part of its anniversary tour at Concerts in the Park at Central Park on Saturday, August 19, with showtime at 7 p.m.
August 19: 40 Oz. to Freedom Rocks Central Park
Two local environmental groups filed a complaint in L.A. Superior Court Thursday regarding the approved plan to provide water to the Newhall Ranch development, set to break ground in 2018.
Environmental Groups File Complaint Against Newhall Ranch Water Plan
County Supervisor Kathryn Barger has provided $143,000 in funding to extend the season of youth and adult swim programs offered at the Castaic Aquatic Center through October 31.
Castaic Aquatic Center Programs Extended to October 31
Tonight on SCV NewsBreak, Los Angeles County firefighters and government leaders welcomed back the Super Scoopers Friday morning. Plus, the Old Town Newhall Library helped get the community ready for it as well by handing out free eclipse viewing glasses. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, August 18, 2017
CalArts alumna Audrey Chan (Art MFA 07) will host a free, all-ages interactive arts workshop in Little Tokyo on Saturday and Sunday, August 19 and 20, as part of the Japanese American Cultural & Community Center’s 2017 Nisei Week activities.
August 19-20: Nisei Week Arts Workshop with CalArts Alum Audrey Chan
Western singer and songwriter John Zipperer headlines the next episode of "SCVTV Presents The OutWest Concert Series" at The MAIN in Old Town Newhall the evening of Friday, August 25.
August 25: John Zipperer Headlines ‘SCVTV Presents The OutWest Concert Series’
Habitat for Humanity SFV/SCV is honored to have received a $25,000 grant from the Disabled Veterans National Foundation, which will fund trauma workshops.
Habitat for Humanity Receives $25K Grant from Disabled Veterans
Here are agenda highlights for the next meeting of the Los Angeles County Board of Supervisors, set for Tuesday, August 22, starting at 9:30 a.m..
August 22: Board of Supervisors Meeting Agenda
Ashley Olivier, a student worker at the Santa Clarita Valley Sheriff's Station, summited Mt. Whitney with her dad, a lieutenant at LASD's Monterey Park station.
SCV Sheriff’s Station Student Worker, LASD Dad Top Mt. Whitney
Looking to enter the win column for the first time in 2017 on day two of the Summer Slam volleyball tournament, the TMU Mustangs squared off against 11th-ranked Eastern Oregon but lost in straight sets.
Mountaineers Spike Mustangs at Summer Slam
Caltrans has released "Rail and the California Economy," a research report investigating how the state’s vast passenger and freight rail system contribute to California’s economy, as well as an overview of opportunities for rail to address the state’s needs and challenges in the future.
New Report Details Rail Role in State Economy
The Master’s University women’s soccer team soared to a 7-0 victory over the visiting Eagles from Sierra Nevada College Thursday.
Lady Mustangs Soccer Win Opener 7-0
The Master’s University women's volleyball team concluded their first day of HIU Summer Slam tournament play with a five-set thriller against the Southern Oregon University Raiders on Wednesday evening, dropping the fifth set 15-9.
Lady Mustangs Fall in 5 to Raiders at HIU
A federal judge on Wednesday ruled against claims by a state workers’ union that California’s pension system unfairly changed the terms of a pre-existing collective bargaining agreement.
Court Upholds Increase in CalPERS Retirement Age
Friday's alert from the South Coast Air Quality Management District that air quality will be unhealthy for sensitive individuals in the Santa Clarita Valley has been extended through Saturday.
Updated: SCV Air Quality Unhealthy Saturday
Four annual crime reports, which provide law enforcement agencies and the public with statewide data on crime statistics, were released Friday by California's Attorney General.
AG Releases 4 California Crime Reports for 2016
The Master’s University women’s volleyball team lost their 2017 season opener Wednesday at the HIU Summer Slam in straight sets against the Warriors from national powerhouse Corban University (OR).
Warriors Drop TMU Lady Mustangs in Straight Sets
Here's the Castaic/Val Verde (Zone 2) Crime Information and Public Safety Report from the Santa Clarita Valley Sheriff's Station for the week of August 7 to August 13.
Crime Blotter: Assault, Theft in Castaic-Val Verde
Two Santa Clarita Valley Sheriff's Station employees will be recognized at the City Council meeting to be held on August 22 at 6 p.m.
City Council to Honor 2 SCV Sheriff’s Station Employees
The Santa Clarita Public Library invites residents to celebrate the upcoming total solar eclipse on Monday, August 21 with two free events at the Old Town Newhall Library.
August 18 & 21: Solar Eclipse Events at Newhall Library
The city of Santa Clarita’s Youth Sports program has seen measured success thus far in 2017.
Santa Clarita Youth Sports Program Sees Spike in Participation
The Santa Clarita Valley Senior Center’s new building campaign now only has $1.3 million remaining to raise before groundbreaking on the site can begin.
New SCV Senior Center Needs $1.3M to Break Ground
Sacramento County sued the California Department of Water Resources on Thursday over DWR's certification of the California 'WaterFix' delta tunnels project’s “dizzying” and “shifting” environmental review.
Sacramento County Sues to Freeze California ‘WaterFix’
1946 - Pioneering Placerita Canyon movie producer Trem Carr dies in San Diego [story]
' style=
The storewide remodel of the Walmart Supercenter at 26471 Carl Boyer Drive is complete and, in addition to the many physical changes inside, Santa Clarita residents now have access to Online Grocery Pickup.
Walmart on Carl Boyer Drive Celebrates Grand Reopening Friday
Tonight on SCV NewsBreak, two people have been hospitalized after a major collision. Plus, an acquisition of land near the 14. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Thursday August 17, 2017
Le Chene French Cuisine, a long-time Santa Clarita local favorite restaurant along Sierra Highway, has announced that they will be hosting a thrilling Murder Mystery Dinner on Saturday, November 4th, 2017.
Nov. 4: Le Chene Murder Mystery Dinner
Senator Scott Wilk, R- Antelope Valley, today announces that he is one of the 2017 inductees into the Antelope Valley High School Alumni Hall of Fame.
Sept. 22: Wilk to be Inducted into AV High School Hall of Fame
Signups are under way for the Santa Clarita Walk to End Alzheimer’s, which offers participants an opportunity to take a healthy stroll, experience outstanding live entertainment, honor loved ones who have been affected by Alzheimer’s and raise funds to battle the debilitating disease.
Oct. 7: Walk to End Alzheimer’s; Signups Under Way
Trammell Crow Company (TCC) andand Clarion Partners are pleased to announce the acquisition of 54 acres of land for the development of The Center at Needham Ranch, a state-of-the-art business park in the city of Santa Clarita, CA.
TCC, Clarion Partners Acquire More Than 50 Acres of SCV Real Estate
The California Department of Tax and Fee Administration is hosting what will be a highly educational and informative (and free) Tax Seminar for Nonprofits and Exempt Organizations.
Sept. 6: Tax Seminar for Non-Profits and Exempt Organizations