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

Inside
Weather
Santa Clarita CA
Clear
Clear
60°F
 
Calendar
Today in
S.C.V. History
October 20
1873 - Santa Barbara lawyers Charles Fernald and J.T. Richards purchase Rancho San Francisco for $33,000 (75 cents an acre) in a sheriff's sale [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
STOCKS OF LOCAL INTEREST
Bank Santa Clarita17.251  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0355  chart -11.25%
Sierra Bancorp27.65  chart -0.22%
Cu Bancorp (ca)37.50  chart +1.63%
Flex Ltd. - Ordinary Shares17.78  chart +0.40%
Mission Vly Bcp Ca14.20  chart +0.50%
Quest Diagnostics Incorporated95.08  chart +1.98%
Tejon Ranch Co19.38  chart +0.73%
Us Energy Initiative0.0007  chart +0.00%
Wesco Aircraft Holdings, Inc.9.50  chart +0.53%

Apple Inc.156.25  chart +0.17%
At&t Inc.35.54  chart -0.42%
Autonation, Inc.45.50  chart +2.20%
Best Buy Co., Inc.55.83  chart +0.67%
Big Lots, Inc.52.52  chart +0.92%
Barnes & Noble, Inc.7.35  chart +2.08%
Brady Corporation38.40  chart +0.26%
Boston Scientific Corporation29.69  chart +0.41%
Brookfield Asset Management Inc42.89  chart +0.02%
Cbre Group Inc Class A40.24  chart +0.57%
Carnival Corporation65.88  chart +0.14%
Comcast Corporation37.22  chart +0.87%
Costco Wholesale Corporation160.77  chart +1.46%
Curtiss-wright Corporation114.08  chart +0.80%
Cvs Health Corporation76.49  chart +2.49%
Cemex, S.a.b. De C.v. Sponsored7.96  chart -1.61%
D.r. Horton, Inc.42.67  chart +0.33%
Walt Disney Company (the)99.40  chart +0.39%
Edison International79.60  chart +0.16%
Hyatt Hotels Corporation Class 61.85  chart -0.02%
Home Depot, Inc. (the)163.43  chart +0.12%
Kb Home27.05  chart +0.07%
Kroger Company (the)21.02  chart +0.62%
Lennar Corporation Class A57.50  chart +1.32%
Laboratory Corporation Of Ameri151.72  chart +0.26%
Lowe's Companies, Inc.80.04  chart -1.51%
Mannkind Corporation4.11  chart +3.79%
Marriott International115.02  chart -0.16%
Mcdonald's Corporation166.30  chart -0.12%
Mitsubishi Ufj Financial Group,6.51  chart +0.46%
Netflix, Inc.194.16  chart -0.50%
Office Depot, Inc.3.78  chart +3.00%
Rite Aid Corporation1.78  chart -2.73%
Rexford Industrial Realty, Inc.29.91  chart -0.20%
Regal Entertainment Group Class16.29  chart -1.63%
Ross Stores, Inc.64.23  chart +1.33%
Republic Services, Inc.64.19  chart +0.85%
Starbucks Corporation54.57  chart -1.50%
Smart & Final Stores, Inc.7.00  chart -0.71%
Sears Holdings Corporation6.55  chart +8.09%
Six Flags Entertainment Corpora60.82  chart +0.28%
Sonova N171.80  chart -0.87%
Staples, Inc.10.25  chart +0.10%
Sunpower Corporation6.68  chart -0.15%
Target Corporation61.76  chart +2.20%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.204.84  chart +0.11%
Walgreens Boots Alliance, Inc.68.06  chart +1.28%
Waste Connections, Inc.70.60  chart -0.25%
Whole Foods Market, Inc.41.99  chart -100.00%
Waste Management, Inc.77.73  chart +0.47%
Wal-mart Stores, Inc.87.44  chart +1.20%
Woodward, Inc.81.36  chart +1.06%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
Tonight on SCV NewsBreak, a sexual assault suspect was arrested Thursday night. Plus, some great weekend events. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, October 20, 2017
Forever Fit SCV, a Santa Clarita sports and personal fitness training company, will host a "Pumpkin Workout" at its Centre Pointe location on Saturday, October 28, starting at 9 a.m.
Oct. 25: Pumpkin Workout Benefits American Cancer Society
The next regular meeting of the Governing Board of the William S. Hart Union High School District is set for Wednesday, Oct. 25 at 7 p.m.
Oct. 25: Hart School District Governing Board Meeting
The LA County Public Defender has won the Silver Eagle Award for its Public Defender Jail Liaison Program during the 31st Annual Productivity and Quality Awards Ceremony on Oct. 18 at the Dorothy Chandler Pavilion.
LA County Public Defender Soars with Silver Eagle Award
The Los Angeles County Health Officer has issued a heat alert as high temperatures have been forecast for the Los Angeles Basin on Monday, October 23 through Tuesday, October 24.
Heat Alert for SCV, L.A. County on Monday, Tuesday
The Academy Museum of Motion Pictures has received three major gifts toward the creation of the museum in Los Angeles, bringing fundraising to more than $300M, nearly 80 percent of its $388M campaign goal.
Motion Picture Museum Nears $388M Campaign Goal
Caltrans added nearly 1,200 lane miles of pavement repair and 66 bridges to its growing list of projects to be delivered sooner than planned, thanks to the imminent influx of revenue from the Road Repair and Accountability Act of 2017 (SB 1), the transportation funding and reform package passed in April.
Nearly $3.4 Billion in Transportation Projects to Be Accelerated
The city of Santa Clarita and SCV Veterans Memorial, Inc. invite the public to attend a special ceremony unveiling the new Fallen Warriors Monument at Veterans Historical Plaza in Newhall on Wednesday, November 8 starting at 10 a.m.
Nov. 8: City Unveils Fallen Warriors Monument in Newhall
Crime Prevention deputies from the Santa Clarita Valley Sheriff's Station along with Los Angeles County Probation Department officers conducted probation compliance searches Friday throughout the Santa Clarita Valley.
SCV Deputies Check Probationers, Aid in Domestic Violence Call
Here is the Santa Clarita Valley Sheriff Station's public safety report for Canyon Country (West), aka Zone 7, for October 2 through October 8, 2017
Crime Blotter: Robbery, Grand Theft in Canyon Country West
A suspect has been arrested in the investigation of an alleged sexual assault, according to Santa Clarita Valley Sheriff's Station officials.
Suspect Arrested in Alleged Sexual Assault
Motor vehicle collisions are the leading cause of death for teens in the United States and a concern the California Highway Patrol addresses with its "Start Smart" program.
CHP Helps New Drivers with ‘Start Smart’ Classes
The California High-Speed Rail Authority punted one of the most important decisions during its monthly meeting Thursday, stoking concerns the entity is not moving quickly enough on the $64 billion project.
California’s Bullet Train Board Delays Award of Key Contract
An extensive investigation by the county of Los Angeles Department of Consumer and Business Affairs in conjunction with the office of California Attorney General Xavier Becerra has resulted in a lawsuit announced today by the Attorney General against retailer Curacao.
AG Sues Retailer Curacao for Allegedly Preying on Consumers
1873 - Santa Barbara lawyers Charles Fernald and J.T. Richards purchase Rancho San Francisco for $33,000 (75 cents an acre) in a sheriff's sale [story]
CHESTERFIELD, MO — NewGround, a St. Louis-based experiential design-build firm, recently teamed up with Logix Federal Credit Union to work on a large scale facility project, a new corporate headquarters building for the full-service credit union in the Burbank, California area.
Valencia Will Soon be Home to Logix Federal Credit Union Headquarters
The CSUN women's volleyball team (10-9, 4-3 Big West) opens the second half of the Big West season this week as the Matadors head up the coast this week for road tests at No. 23 Cal Poly (17-2, 7-0 Big West) and UC Santa Barbara (4-15, 3-4 Big West). CSUN, coming off a tough five-set loss to Hawai'i at home, is 3-4 in seven road matches this season but has won two of three Big West road contests.
Matadors Volleyball Testing Their Skills on the Road
No. 5 College of the Canyons defeated L.A. Mission College 3-0 on Wednesday to earn its eighth consecutive match and fifth straight sweep. Set scores were 25-15, 25-11, and 25-20.
Cougars Volleyball Earns Fifth Straight Sweep
CSUN Women's Soccer (7-4-5, 3-1-1 BWC) looks to move up in the Big West standings this week as it hosts UC Irvine on Thursday at 7:00 p.m.
Matadors Get Ready for Big West Matchups
Behind Julio Rubio's goal in the 11th minute CSUN defeated UC Riverside 1-0 in Big West Conference men's soccer action Wednesday night.
Matadors Lone Goal Enough to Hold Off UC Riverside
Northridge, CA – CSUN Athletics officially opened its new satellite athletic training facility on Thursday at an event featuring Athletic Director Dr. Brandon Martin, Assistant Athletic Director for Sports Medicine/Head Athletic Trainer Steven Grech, student-athletes, coaches, staff and campus partners.
Matadors Student-Athletes Welcome New Training Facility
Want unique gifts and a shopping experience unlike any other?
Nov. 18-19: City’s Annual Two-Day Fine Craft Show
City officials gathered Wednesday for the Grand Opening of "Three Oaks," the first 100 percent affordable family development in Santa Clarita.
Affordable Housing Comes to Santa Clarita
The Gibbon Conservation Center will celebrate Halloween for the first time on Saturday, Oct. 28 from 10:00 a.m. - 1:00 p.m.
Oct. 28: Gibbon Conservation Center Celebrates First Halloween
California State University, Northridge is partnering with the California State University Entertainment Alliance to host a morning of workshops designed to offer students and members of the public advice on building successful careers in the entertainment industry.
Oct. 23: CSUN Workshop; Succeeding in Entertainment Industry
Spotlight Arts Center, a local non-profit that provides free performing and visual arts classes to children in the Santa Clarita Valley, will hold its Fall Festival, Sunday, Oct. 22 from 11:00 a.m. - 3:00 p.m.
Oct. 22: Fall Festival Spotlight Arts Center
The College of the Canyons Athletics department is inviting all players, coaches and cheerleaders associated with a Santa Clarita Valley youth sports league or cheer organization to attend Saturday's Cougar football game free of charge.
Oct. 21: SCV Youth Teams Invited to Free COC Football Game
College of the Canyons freshmen Joanna Roecker and Cassandra Lee both turned in scores of 79 to lead the Cougars to a second place team finish at the Western State Conference (WSC) event hosted by Glendale College at Brookside Golf Course on Monday.
COC Falls Short at WSC Glendale
Beginning Monday, October 23, 2017, the city of Santa Clarita will increase the frequency of street sweeping throughout all areas of the City.
Oct. 23: City Begins Increased Street Sweeping Frequency
In a battle for Western State Conference, East Division supremacy, it was College of the Canyons that came out on top Tuesday night, as the Cougars scored two second half goals to secure a 2-0 win against visiting Antelope Valley College. Justine Hoeft and Jennifer Roney collected goals for the Cougars (11-2, 2-0).
COC Secures Win Against AVC With Two Second-Half Goals
The upcoming 10-year anniversary of the Buckweed Fires offers Santa Clarita residents a reminder of the ever-present fire danger in Los Angeles County, as blazes ravage the northern half of the state, as well.
Officials Reflect on 10-Year Anniversary of Buckweed Fires
Deputies from the Santa Clarita Valley Sheriff's Station, with help from a Smartphone GPS system, were able to locate a lost hiker Wednesday night at Towsley Canyon.
Smartphone GPS Locates Lost Towsley Canyon Hiker
Dreamation Craft Guild will be hosting a boutique at Canyon High School, Nov. 18, from 10:00 a.m. – 3:00 p.m. to benefit the family of John Phippen, the Santa Clarita resident who was killed in the Las Vegas shooting.
Nov. 18: Holiday Marketplace Benefiting John Phippen Family
SACRAMENTO, Calif. – To ensure drivers, passengers, and children are properly restrained while traveling California’s roadways, the California Highway Patrol (CHP) has partnered with the California Office of Traffic Safety on a new traffic safety campaign entitled, “California Restraint Safety Education And Training” (CARSEAT).
CHP’s New Traffic Safety Campaign Focuses on Saving Lives, Reducing Injuries
SACRAMENTO, Calif. – Speed and aggressive driving, the main causes of traffic collisions in California, will be the focus of a year-long education and enforcement campaign by the California Highway Patrol (CHP) that started Oct. 1, 2017.
CHP Grant Aims to Reduce Fatalities, Traffic Injuries; Addresses Street Racing