California United Bank has completed its $42.3 million acquisition of Anaheim-based Premier Commercial Bancorp.
Branches of Premier Commercial Bank, Premier Commercial’s subsidiary, in Anaheim and Irvine will operate as California United Bank.
Encino-based California United also has created CU Bancorp, a new holding company for California United and Premier Commercial. The holding company, which trades on the Over-the-Counter Bulletin Board, has a market value of about $78.1 million.
The acquisition has boosted the assets of California United to about $1.32 billion from $792 million in December, when the banks first announced plans to consolidate.
The combined bank now has $1.15 billion in deposits.
“We are particularly excited about adding Premier Commercial Bank’s award-winning expertise in SBA lending to the wide array of products already offered by California United Bank,” said David Rainer, president and chief executive of CU Bancorp and the bank.
He said he expects full integration within five weeks.