Friday, First California Financial Group, Inc. announced that First California Bank assumed all of the deposits and substantially all of the assets of Western Commercial Bank (WCBH.OB), effective at the close of business Friday, November 5, 2010, from the Federal Deposit Insurance Corporation (FDIC) acting in their capacity as receiver of Western Commercial Bank. First California Financial Group, Inc. is the holding company of First California Bank.
To protect depositors of Western Commercial Bank, the FDIC entered into a purchase and assumption agreement. Under the agreement, First California Bank assumed all deposits of Western Commercial Bank. Branches previously operated by Western Commercial Bank will reopen Monday morning, November 8, 2010 as part of the First California Bank franchise. Western Commercial Bank’s depositors will automatically become depositors of First California Bank.
With this acquisition, First California Bank will assume approximately $101.1 million in total deposits and $83.9 million in total loans. All of the loans purchased from the FDIC are covered under loss-sharing agreements that afford First California Bank significant protection from losses.
C. G. Kum, President and Chief Executive Officer of First California Financial Group, said, “We welcome Western Commercial Bank’s customers and employees to the First California family. First California is financially strong, so customers can be confident that their deposits are safe and readily available. This transaction is in keeping with our growth strategy and increases our market share in Southern California.”
Headquartered in Woodland Hills, California, Western Commercial Bank is a business bank that offers a comprehensive selection of business deposit and loan products. Western Commercial Bank’s primary markets are Ventura County and the San Fernando Valley in California.
Headquartered in Westlake Village, California, First California has assets of $1.50 billion. They are led by an experienced team of bankers. The Company specializes in serving the comprehensive financial needs of the commercial market. They focus on small- and middle-sized businesses, professional firms, and commercial real estate development and construction companies. First California offers a full line of quality commercial banking products through 17 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.
For more information visit: www.fcalgroup.com and www.fcbank.com
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