Newport Beach-based Independence Bank has agreed to acquire Premier Service Bank in Riverside for $8.6 million.
The deal is subject to approval by regulators and shareholders of both banks and is expected to close during the first half of next year.
Independence Bank had $311.8 million in assets, including about $219 million in loans as of the end of September. The bank had about $1.3 million in profit during the third quarter.
Premier had about $128.4 million in assets, including $65.6 million in loans. It had $113,000 in earnings in the latest quarter.
The deal is expected to give Independence Bank “a meaningful presence in Riverside County,” according to Chief Executive Chuck Thomas.
Premier’s chief executive, Kerry Pendergast, is expected to serve as regional president after the acquisition is complete. Pendergast, along with Premier’s chairman, Ken Stream, will join Independence Bank’s board of directors.
