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Saturday, Jun 10, 2023

First California Cancels Proposed Merger

The proposed merger between First California Financial Group Inc. and Premier Service Bank has been terminated because it did not meet a Dec. 31 deadline. First California Financial, the Westlake Village-based parent of First California Bank, would have added two branches in Riverside County had the $2 million deal gone through. The merger between the two financial institutions was announced in February 2012 but the transaction was unable to be completed by the Dec. 31 deadline. A release from the banks did not detail why the deal fell apart. First California Bank is a 15-branch institution serving southern California from San Luis Obispo to San Diego counties. The institution has $2 billion in total assets. Premier Service Bank is headquartered in Riverside with a branch office in Corona. First California is being acquired by PacWest Bancorp in a deal valued at $231 million expected to close in the first quarter.

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