[CUB] – California United Bank and Premier Commercial Bancorp announced Thursday that they have received all regulatory approvals necessary to authorize the previously announced reorganization creating a bank holding company for California United Bank (CU Bancorp), the merger of Premier Commercial Bancorp into CU Bancorp and the merger of Premier Commercial Bank, N.A. into California United Bank. Approvals have been received from the Federal Deposit Insurance Corporation, the California Department of Financial Institutions and the Federal Reserve Board. The approvals are subject to usual and customary conditions.
David I. Rainer, President and Chief Executive Officer of California United Bank, commented, “These regulatory approvals are an important step in completing the combination of California United Bank, CU Bancorp and Premier Commercial Bancorp, with the next step being approval by our respective shareholders. We believe this transaction will be extremely positive for California United Bank’s shareholders, customers, and employees and those of Premier Commercial Bancorp, as well as our respective communities.”
The transactions are subject to approval by the shareholders of California United Bank and Premier Commercial Bancorp. The shareholders of California United Bank are presently expected to hold a meeting on or about July 23, 2012 at 10:00 a.m. to consider and vote upon the merger proposal and a bank holding company reorganization, and the shareholders of Premier Commercial Bancorp are expected to hold their annual meeting on or about July 19, 2012 at 7:30 a.m. to consider and vote upon the merger proposal.
Kenneth J. Cosgrove, Chairman and Chief Executive Officer of Premier Commercial Bancorp, noted, “Subject to unavoidable delays, and shareholder approval, we now expect to close the transaction on or about July 31, 2012, and are excited about the opportunities presented.”
Shareholders of California United Bank and Premier Commercial Bancorp are urged to read the joint proxy statement/prospectus regarding the proposed merger and any other relevant documents filed with the SEC, when available, because these will contain important information. When available, the joint proxy statement/prospectus will be posted on the California United Bank website at www.cunb.com . Free copies will be available from both California United Bank and Premier Commercial Bancorp.
About California United Bank
California United Bank, which recently celebrated the seventh anniversary of its opening, provides a full range of financial services, including credit and deposit products, cash management, and internet banking for businesses, non-profits, 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 $564 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.