Orange-based First Security Business Bank has been acquired by San Diego Private Bank on undisclosed terms.
As of Sept. 30, First Security had $61.6 million in assets, including $53.8 million in net loans, and $30.6 million in deposits. It had seven employees as of the reporting date, according to the Federal Deposit Insurance Corp.
First Security, which was founded in 1988, ranked No. 21 on the Business Journal’s November list of banks with headquarters in Orange County. The bank, headed by Chief Executive Jim Bresnan, is expected to close its sole office in Orange as a result of the transaction.
Immediate plans for Bresnan and the bank’s employees weren’t announced.
Coronado-based San Diego Private Bank had $343.4 million in assets as of Sept. 30, $277.4 million in net loans and $283 million in deposits.
It has branches in Coronado, San Diego, La Jolla and Newport Beach.
