Acquisition Adds Westlake Village Branch to Royal Business BankMonday, September 26, 2011
Royal Business Bank completed its acquisition of Ventura County Business Bank on Sept. 23, adding two branches, including one in Westlake Village.
The two branches of Ventura County Business Bank will operate as subsidiaries of Royal Business Bank until February, and the completion of a conversion to a common platform, Royal Bank said in a release.
The deal adds $78.4 million in assets and $67.2 in deposits to Royal’s books, the bank said.
The acquisition benefits Ventura County Business Bank customers by giving them access to more products and services, said Jerry Lukiewski, chief executive officer of Ventura County Business Bank, in a prepared statement.
“We will now have a significantly larger lending limit which will make us more competitive in the Ventura County market,” Lukiewski said.
The acquisition is the second completed by Royal since its formation in November 2008 and its first in Ventura County.
Mark R. Madler