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Tuesday, May 30, 2023

First State Bank Changes Its Name

First Private Bank & Trust in Granada Hills has announced its official name change from First State Bank in order to better reflect its customer base, which is comprised more of high-wealth clients, and new services that it will soon offer. First Bank was purchased a year and a half ago by Boston Private Financial Holdings in Massachusetts. First Bank remains independently managed, however. Later this year, First Bank will begin offering trust management services to its customers. Richard C. Taylor, president and chief executive officer of the bank, said that it does most of its business in the housing market. “We’re a very big player in the entry-level housing construction market, we’ve done construction financing for builders doing entry-level housing projects all over Southern California,” said Taylor. The bank has also handled financing for multi-million-dollar buildings such as corporate facilities, shopping centers, manufacturing facilities and large residences. In addition to new construction projects, the bank also handles commercial financing for many owner-occupied clients, and has received a preferred lender license from the Small Business Association. The bank also purchased another company, Encino State Bank, last October. At the time, First Bank had assets totaling $220 million, and Encino had assets of approximately $190 million. Today, First Bank & Trust has assets of over $455 million, Taylor said.

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