Chula Vista Bank Plans Move to IrvineMonday, November 14, 2011
Chula Vista-based First PacTrust Bancorp Inc. plans to relocate its headquarters to Irvine, a move that would place its subsidiary Pacific Trust Bank among the largest commercial banks based in Orange County.
The bank expects the move to be completed in the first quarter of 2012. It’s expected to bring about 150 jobs to Irvine.
First PacTrust also expects to open a new branch in Tustin early next year as part of a push into the Orange County and Los Angeles markets.
First PacTrust has two acquisitions in process—Manhattan Beach-based Beach Business Bank, and Cerritos-based Gateway Business Bank.
Completion of those deals is expected to bring the First PacTrust’s total assets to about $1.3 billion.
The bank had about $900 million in assets at the end of the third quarter, up 7.7% from the same time a year earlier.
Pacific Trust Bank’s Chief Executive Gregory Mitchell said in a statement that the Irvine location is “surrounded by a deep pool of talented financial professionals and well suited to meet the needs of our existing employees, investors and clients.”
The bank will lease 40,000 square feet from the Irvine Company on the top two floors of 18500 Von Karman Ave.
It has about 13,000 square feet at its current headquarters in Chula Vista.