The termination of the discussions will allow Belvedere SoCal to focus on its core growth initiatives that include geographic expansion and additional acquisitions. First Heritage Bank will remain a wholly-owned subsidiary of First National Bank Holding Company, a $4 billion banking institution based in Scottsdale, Arizona.
Alan Lane, executive chairman of Belvedere SoCal, said: We determined that it was in the best interests of both parties to end the discussions and focus on our respective businesses. First Heritage has demonstrated an impressive growth trajectory and assembled a strong team that will continue to serve them well as part of First National Bank Holding Company.
