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California United Bank receives approval for merger

Posted: June 15, 2012 5:20 p.m.
Updated: June 15, 2012 5:20 p.m.
 

California United Bank and Premier Commercial Bancorp announced Friday that they have received all regulatory approvals necessary to merge. The two banks entered into an agreement to pursue a merger Dec. 9, 2011, local CUB officials previously said.

 

Founded in 2001, the Orange Country-based Premier Commercial Bank, with offices in Anaheim and Newport Beach, will merge into California United Bank bringing with it $564 million in assets.

 

With shareholder approval, Premier expects the transaction to close around July 31 and Kenneth J. Cosgrove, chairman and CEO of Premier Commercial Bancorp said Premier is excited about the future opportunities.

 

California United Bank, based in Encino, was founded only in 2005 but has grown to include offices in the San Fernando Valley, the Santa Clarita Valley, the Conejo Valley, Simi Valley, Los Angeles, South Bay, Glendale/San Gabriel Valley and Orange County. It will create a holding company for the merger.

 

“We believe this transaction will be extremely positive for California United Bank’s shareholders, customers, and employees and those of Premier Commercial Bancorp, as well as our respective communities,” said David I. Rainer, President and CEO of California United Bank.

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