Thanks to realignment at its parent company, Newport Beach-based First Bank & Trust is moving its administrative operations to San Francisco.
First Bank & Trust, a subsidiary of Clayton, Mo.-based First Banks Inc., merged on Oct. 31st with First Banks America Inc., another company division. As a result, First Bank & Trust, which counts almost $1 billion in assets, plans to move its headquarters to San Francisco in coming months. The bank will keep its seven OC branches.
The merger comes after First Banks America acquired Bank of Ventura in August, and three banks in San Francisco,Commerce Bank, Redwood Bank and Bank of San Francisco,giving it sizeable operations in the Bay area. First Bank & Trust also has branches in San Jose and Walnut Creek.
“As we bought more and more banks, there was overlap between Northern California and Southern California charters, said Frank Sanfilippo, chief financial officer for First Banks. “We had two different names and the banks were close to each other.”
The subsidiaries merged into the Redwood Bank charter because the bank had some obligations to retain that charter when it was acquired, Sanfilippo said. The company will change its signage to First Bank & Trust after Nov. 15th, saying it is a more recognizable name.
The merger gives First Bank & Trust about $2 billion in assets. Upon completion of the other acquisitions, that should rise to $2.6 billion, Sanfilippo said. The bank will have 41 branches in California and six in Texas. First Bank & Trust has 26 branches in Southern California.
First Bank & Trust President Fred Jensen will remain as a board vice-chairman based in Orange County.
“Fred is older and wants a lower role and focus on business development,” Sanfilippo said. Jensen will turn over the president’s title to Terry McCarthy.
For the quarter ended Sept. 30, First Banks reported revenue of $118.4 million, up from $98 million a year ago. The company also had earnings of $14.1 million, up from $11 million a year ago. n
