SOURCE: San Diego Private Bank

October 22, 2014 15:40 ET

San Diego Private Bank and First Security Business Bank Announce Asset Transaction

CORONADO, CA--(Marketwired - Oct 22, 2014) - San Diego Private Bank (OTCQB: SDPB) and First Security Business Bank, today announced that the banks have entered into a definitive agreement, subject to regulatory approval, whereby San Diego Private Bank will acquire all the loans and assume all the deposits of First Security Business Bank. The transaction is expected to close in the 4th quarter of 2014 or the 1st quarter of 2015.

"This transaction is meaningfully accretive to our earnings in the first year and creates critical mass at our Newport Beach office," said Selwyn Isakow, Chairman of San Diego Private Bank. San Diego Private Bank will acquire approximately $56 million in loans and assume about $28 million in deposits from First Security Business Bank, who will close its only branch, located in Orange, California, upon consummation of the transaction.

"This transaction is part of our long-term plan to move out of commercial lending. 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," said Jim Bresnan, President and CEO of First Security Business Bank. "We believe our customers will find the commercial real estate lending expertise and commitment to customer service at San Diego Private Bank to be consistent with their experience with First Security Business Bank."

Maria P. Kunac, President and CEO of San Diego Private Bank added: "We are pleased to have the opportunity to acquire a well-managed, seasoned portfolio of Southern California loans with similar structure and borrower profiles to our own current commercial real estate portfolio. We are also delighted to welcome new depositors to Newport Private Bank, the Orange County division of San Diego Private Bank, and offer them our Distinctly Different banking experience through unparalleled service and creative funding solutions."

Ms. Kunac continued, "We not only offer clients loans for investor commercial property, owner-occupied buildings and construction, but also offer a wide array of deposit and cash management services, as well as business and individual term loans and lines of credit."

San Diego Private Bank, with offices in La Jolla, Coronado, Newport and downtown San Diego, has a 5-Star Bauer Financial rating and as such is considered one of the strongest banking institutions in the country. San Diego Private Bank is also classified as a Super Premier Performance bank by the Findley Reports on Financial Institutions. San Diego Private Bank is a SBA Preferred Lender and was ranked 3rd Top SBA Lender in San Diego County in 2013.

Forward-Looking Statements

Certain statements in this press release contain forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.

All forward-looking statements speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to either San Diego Private Bank or First Security Business Bank or any person acting on their behalf are qualified by the cautionary statements in this press release. San Diego Private Bank and First Security Business Bank do not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

Contact Information

  • For further inquiries please contact:

    Maria P. Kunac
    President and Chief Executive Officer
    San Diego Private Bank
    (858) 875.6900