First PacTrust in Deal for L.A. BankWednesday, August 22, 2012
Irvine-based First PacTrust Bancorp is acquiring The Private Bank of California in Los Angeles in a $50 million deal.
The acquisition is expected to boost First PacTrust’s assets to more than $2.2 billion.
Shares of The Private Bank of California jumped more than 22%.
First PacTrust, the holding company of PacTrust Bank, this week completed the $15.5 million buy of Cerritos-based Gateway Business Bank. Mission Hills Mortgage Bankers, a division of Gateway with 22 loan production offices in California and other states, is now a mortgage-lending arm under the PacTrust Bank fold.
First PacTrust also wrapped up last month the buy of Manhattan Beach-based Beach Business Bank, a $39 million acquisition. The Private Bank of California will merge into Beach Business Bank, which will then operate under The Private Bank of California name.
The Private Bank of California wrapped up its second quarter with $585,000 in net income, up 72% from the year-earlier period. Total assets as of the end of June were $639 million.
First PacTrust lost $1.1 million in the latest quarter, compared with a $1.5 million profit during the same period a year ago. It now has about $1.6 billion in assets.
David Misch, chief executive of The Private Bank of California, will serve as chief risk officer after the transaction.