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Two banks announce merger

Posted: June 3, 2014 5:14 p.m.
Updated: June 3, 2014 5:14 p.m.
 

California United Bank and 1st Enterprise Bank announced that they are planning to merge, according to CU Bancorp, the parent company of California United Bank.

The transaction valued at $103.4 million will result in 1st Enterprise merging into California United Bank. Combined assets will exceed $2.2 million, according to Tuesday’s announcement.

Headquartered in Encino, California United Bank has eight branches in Los Angeles, Orange, and Ventura counties. 1st Enterprise has three branches located in downtown Los Angeles, Orange County and the Inland Empire.

“Both companies have developed strong commercial banking platforms and production capabilities, low-cost deposit bases and robust credit cultures,” said David I. Rainer, chairman, president and CEO of CUB.

The bank will be led by a management team with senior managers from both banks in leading roles.

 

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