Plaza Bank’s pending move to Irvine Towers will mark an expansion beyond the space it currently leases at three offices around the city.
The move is expected to start in the first week of November.
Plaza Bank has its current headquarters and a branch office at 19900 at MacArthur Boulevard, with a small-business lending center on Fairchild Road.
The bank’s decision to take two floors of 18200 Von Karman Ave. at Irvine Towers is expected to give it room to hire, according to President and Chief Executive Gene Galloway.
“This move from three locations in two buildings … to two locations in one building … will go a long way in making us a more productive and efficient bank,” Galloway said.
The new office will house about 50 employees, the bulk of Plaza Bank’s companywide total of 77. The rest of its work force is at the bank’s Las Vegas branch, which is headed by Chief Banking Officer Erich Bollinger.
“Our Las Vegas office and customers … will see no material change but will see greater support and problem resolution by the fact that all of our decision makers will sit next door to each other instead of in three separate locations,” Galloway said.
Plaza Bank had about $400 million in assets at the end of August, up about 23% over the year.
$60M Goal
Galloway said it is the bank’s goal to reach $600 million in assets in the next couple of years through organic growth. The bank also is open to acquisitions as part of a strategic plan and is exploring opportunities in Southern California and Southern Nevada, Galloway said.
Plaza Bank had an 18% growth in loans over the year through August, to about $317 million.
Total deposits grew 30% over the same period, to about $342.4 million.
“While we want to grow, it is more important that we remain a safe and profitable company,” Galloway said. “To grow just to grow is not our plan. We have a very specific niche that we operate in, and we will continue to excel in that niche.”
Plaza Bank’s client base is mostly small businesses and professionals, according to Bollinger.
“Firms with revenues up to about $50 million are usually a match for us,” Bollinger said. “OC is a good market, and we embrace competition. This move puts us on the map a bit.”
Plaza Bank is well placed to draw on the resources of the Carpenter Community Bancfund, its principal shareholder.
The Carpenter fund is the private equity division of Irvine-based financial advisory firm Carpenter & Co. It has other California banks in its portfolio, including Costa Mesa-based Pacific Mercantile Bank and Bank of Manhattan in El Segundo.
“There’s the flexibility of working with other Carpenter banks,” Galloway said.
