First California Acquires San Luis Trust Bank
February 18 2011 - 9:10PM
Marketwired
First California Financial Group, Inc. (NASDAQ: FCAL), the holding
company of First California Bank, today announced that First
California Bank assumed all of the deposits and substantially all
of the assets of San Luis Trust Bank (OTCBB: SNLS), effective at
the close of business Friday, February 18, 2011, from the Federal
Deposit Insurance Corporation (FDIC) acting in its capacity as
receiver of San Luis Trust Bank.
To protect depositors of San Luis Trust Bank, the FDIC entered
into a purchase and assumption agreement under which First
California Bank assumed all deposits of San Luis Trust Bank. The
single branch previously operated by San Luis Trust Bank will
reopen Tuesday morning, February 22, as part of the First
California Bank franchise. San Luis Trust Bank's depositors will
automatically become depositors of First California Bank.
"This transaction is in keeping with our growth strategy and
expands our geographic footprint into San Luis Obispo County," said
C. G. Kum, president and chief executive officer of First
California Financial Group. "First California is financially
strong, and San Luis Trust Bank customers can be confident that
their deposits are safe and readily available. We welcome our new
customers and employees to the First California family."
As a result of this transaction, First California Bank will
assume approximately $275 million in total deposits and $220
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.
San Luis Trust Bank is a single branch community bank located in
San Luis Obispo, California, serving the banking needs of
businesses and individuals countywide since 1999.
About First California
First California Financial Group, Inc. (NASDAQ: FCAL) is the
holding company of First California Bank. Celebrating 32 years of
business in 2011, First California is a regional force of strength
and stability in Southern California banking with assets of
approximately $1.9 billion and led by an experienced team of
bankers. The company specializes in serving the comprehensive
financial needs of the commercial market, particularly small- and
middle-sized businesses, professional firms and commercial real
estate development and construction companies. Committed to
providing the best client service available in its markets, First
California offers a full line of quality commercial banking
products through 19 full-service branch offices in Los Angeles,
Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and
Ventura counties. The holding company's Web site can be accessed at
www.fcalgroup.com. For additional information on First California
Bank's products and services, visit www.fcbank.com.
Forward-Looking Information
This press release contains certain forward-looking information
about First California that is intended to be covered by the safe
harbor for "forward-looking statements" provided by the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking statements, and
include statements related to the safety and accessibility of
customers' deposits and increases to market share. Such statements
involve inherent risks and uncertainties, many of which are
difficult to predict and are generally beyond the control of First
California. First California cautions readers that a number of
important factors could cause actual results to differ materially
from those expressed in, or implied or projected by, such
forward-looking statements. Risks and uncertainties include, but
are not limited to, revenues are lower than expected, credit
quality deterioration which could cause an increase in the
provision for credit losses, First California's ability to complete
future acquisitions, successfully integrate such acquired entities,
or achieve expected beneficial synergies and/or operating
efficiencies within expected time-frames or at all, changes in
consumer spending, borrowing and savings habits, technological
changes, the cost of additional capital is more than expected, a
change in the interest rate environment reduces interest margins,
asset/liability repricing risks and liquidity risks, general
economic conditions, particularly those affecting real estate
values, either nationally or in the market areas in which First
California does or anticipates doing business are less favorable
than expected, a slowdown in construction activity, recent
volatility in the credit or equity markets and its effect on the
general economy, loan delinquency rates, the ability of First
California to retain customers, demographic changes, demand for the
products or services of First California as well as their ability
to attract and retain qualified people, competition with other
banks and financial institutions, and other factors. If any of
these risks or uncertainties materializes or if any of the
assumptions underlying such forward-looking statements proves to be
incorrect, First California's results could differ materially from
those expressed in, or implied or projected by such forward-looking
statements. First California assumes no obligation to update such
forward-looking statements. For a more complete discussion of risks
and uncertainties, investors and security holders are urged to read
the section titled "Risk Factors" in First California's Annual
Report on Form 10-K and any other reports filed by it with the
Securities and Exchange Commission ("SEC"). The documents filed by
First California with the SEC may be obtained at the SEC's website
at www.sec.gov. These documents may also be obtained free of charge
from First California by directing a request to: First California
Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake
Village, CA 91361. Attention: Investor Relations. Telephone (805)
322-9655.
For further Information: At the Company: Ron Santarosa
805-322-9333 At PondelWilkinson: Robert Jaffe 310-279-5969
Corporate Headquarters Address: 3027 Townsgate Road, Suite 300
Westlake Village, CA 91361
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