First California Acquires Western Commercial Bank
05 Noviembre 2010 - 6:00PM
Marketwired
First California Financial Group, Inc. (NASDAQ: FCAL), the holding
company of First California Bank, today announced that First
California Bank assumed all of the deposits and substantially all
of the assets of Western Commercial Bank (OTCBB: WCBH), effective
at the close of business Friday, November 5, 2010, from the Federal
Deposit Insurance Corporation (FDIC) acting in its capacity as
receiver of Western Commercial Bank.
To protect depositors of Western Commercial Bank, the FDIC
entered into a purchase and assumption agreement under which First
California Bank assumed all deposits of Western Commercial Bank.
Branches previously operated by Western Commercial Bank will reopen
Monday morning, November 8, as part of the First California Bank
franchise. Western Commercial Bank's depositors will automatically
become depositors of First California Bank.
"We welcome Western Commercial Bank's customers and employees to
the First California family," said C. G. Kum, president and chief
executive officer of First California Financial Group. "First
California is financially strong, so customers can be confident
that their deposits are safe and readily available. This
transaction is in keeping with our growth strategy and increases
our market share in Southern California."
As a result of this acquisition, First California Bank will
assume approximately $101.1 million in total deposits and $83.9
million in total loans. All of the loans purchased from the FDIC
are covered under loss-sharing agreements that afford First
California Bank significant protection from losses.
Western Commercial Bank, headquartered in Woodland Hills,
California, is a business bank that offers a comprehensive
selection of business deposit and loan products. Western Commercial
Bank's primary markets are Ventura County and the San Fernando
Valley.
About First California
First California Financial Group, Inc. (NASDAQ: FCAL) is the
holding company of First California Bank. Celebrating 31 years of
business in 2010, First California is a regional force of strength
and stability in Southern California banking with assets of $1.50
billion and led by an experienced team of bankers. The company
specializes in serving the comprehensive financial needs of the
commercial market, particularly small- and middle-sized businesses,
professional firms and commercial real estate development and
construction companies. Committed to providing the best client
service available in its markets, First California offers a full
line of quality commercial banking products through 17 full-service
branch offices in Los Angeles, Orange, Riverside, San Bernardino,
San Diego and Ventura counties. The holding company's Web site can
be accessed at www.fcalgroup.com. For additional information on
First California Bank's products and services, visit
www.fcbank.com.
Forward-Looking Information
This press release contains certain forward-looking information
about First California that is intended to be covered by the safe
harbor for "forward-looking statements" provided by the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking statements, and
include statements related to the safety and accessibility of
customers' deposits and increases to market share. Such statements
involve inherent risks and uncertainties, many of which are
difficult to predict and are generally beyond the control of First
California. First California cautions readers that a number of
important factors could cause actual results to differ materially
from those expressed in, or implied or projected by, such
forward-looking statements. Risks and uncertainties include, but
are not limited to, revenues are lower than expected, credit
quality deterioration which could cause an increase in the
provision for credit losses, First California's ability to complete
future acquisitions, successfully integrate such acquired entities,
or achieve expected beneficial synergies and/or operating
efficiencies within expected time-frames or at all, changes in
consumer spending, borrowing and savings habits, technological
changes, the cost of additional capital is more than expected, a
change in the interest rate environment reduces interest margins,
asset/liability repricing risks and liquidity risks, general
economic conditions, particularly those affecting real estate
values, either nationally or in the market areas in which First
California does or anticipates doing business are less favorable
than expected, a slowdown in construction activity, recent
volatility in the credit or equity markets and its effect on the
general economy, loan delinquency rates, the ability of First
California to retain customers, demographic changes, demand for the
products or services of First California as well as their ability
to attract and retain qualified people, competition with other
banks and financial institutions, and other factors. If any of
these risks or uncertainties materializes or if any of the
assumptions underlying such forward-looking statements proves to be
incorrect, First California's results could differ materially from
those expressed in, or implied or projected by such forward-looking
statements. First California assumes no obligation to update such
forward-looking statements. For a more complete discussion of risks
and uncertainties, investors and security holders are urged to read
the section titled "Risk Factors" in First California's Annual
Report on Form 10-K and any other reports filed by it with the
Securities and Exchange Commission ("SEC"). The documents filed by
First California with the SEC may be obtained at the SEC's website
at www.sec.gov. These documents may also be obtained free of charge
from First California by directing a request to: First California
Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake
Village, CA 91361. Attention: Investor Relations. Telephone (805)
322-9655.
At the Company: Ron Santarosa 805-322-9333 At PondelWilkinson:
Robert Jaffe 310-279-5969 Corporate Headquarters Address: 3027
Townsgate Road, Suite 300 Westlake Village, CA 91361
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