As per the clauses of the merger deal, Premier Commercial Bank’s branch offices in Anaheim and Irvine/Newport Beach will now run as full service offices of California United Bank.
The acquirer has formed a new start up CU Bancorp a new bank holding company for California United Bank, which completed the merger of Premier Commercial Bancorp into CU Bancorp.
As a result of the consolidation of both banks, California United Bank has nearly $1.32bn in assets and $1.15bn in deposits, as of 30 June 2012.
The US lender said that CU Bancorp’s integrated bank franchise now offers eight full service offices in Thousand Oaks, Encino, Santa Clarita, Simi Valley, Los Angeles, the South Bay, Anaheim and Irvine/Newport Beach.
California United Bank and CU Bancorp president and chief executive officer David I Rainer said the completion of the merger reflected overwhelming support by shareholders of both institutions.
"We expect the combined strength of California United Bank and Premier Commercial Bank to deliver outstanding service and a broad range of financial solutions to Southern California businesses, entrepreneurs and professionals," Rainer added.
The deal summed up at nearly $42.3m based on the closing price of California United Bank common stock on 31 July 2012.
