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California United Bank completes acquisition

Transaction is valued at nearly $42.3 million

Posted: August 2, 2012 6:21 p.m.
Updated: August 2, 2012 6:21 p.m.
 

California United Bank completed the acquisition of Orange County-based Premier Commercial Bank July 31.

The Wednesday announcement also said the bank created a new holding company, CU Bancorp, for California United Bank. Common stock shares will trade under former ticker symbol “CUNB.”

California United Bank’s acquisition of Premier’s two Orange County branch offices in Anaheim and Irvine/Newport Beach now bring the total number of full service branches to eight – Encino, Thousand Oaks, Santa Clarita, Simi Valley, Los Angeles, the South Bay, Anaheim and Irvine/Newport Beach offices.

 “We would like to welcome the customers, shareholders and employees of Premier Commercial Bank to California United Bank,” said David I. Rainer, president and CEO of California United Bank and CU Bancorp.

“Both banks have a strong tradition of community support and active involvement in charitable organizations, and we look forward to expanding our philanthropic activities as we continue to grow our franchise in the future,” Rainer said.

California United expects to bring Premier Commercial Bank’s operations and customers online with their platform within just four to five weeks.

The transaction is valued at approximately $42.3 million based on the closing price of California United Bank common stock on July 31, 2012. CU Bancorp will issue 3,721,442 shares of common stock to Premier Commercial Bancorp shareholders.

California United Bank, which first opened in 2005 and is headquartered in Encino with a branch in Santa Clarita, recently celebrated the seventh anniversary.

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