San Diego Private Bank has agreed to buy all the loans and deposits of First Security Business Bank in Orange, Calif.
The $340 million-asset San Diego Private said in a press release Wednesday that it will gain $56 million in loans and $28 million in deposits. The transaction is expected to close by the end of the first quarter. The company did not disclose the price.
"This transaction is meaningfully accretive to our earnings in the first year and creates critical mass at our Newport Beach office," Selwyn Isakow, San Diego Private's chairman, said in the release.
First Security will close its only branch when the deal is completed.
"This transaction is part of our long-term plan to move out of commercial lending," Jim Bresnan, First Security's president and chief executive, said in the release. "We feel this serves both our customers' and our business interests by providing an expedited, smooth transition for the close of First Security Business Bank."
