SOURCE: San Diego Private Bank

December 29, 2014 14:01 ET

San Diego Private Bank Announces Completion of Purchase of Loans and Assumption of Deposits From First Security Business Bank

CORONADO, CA--(Marketwired - Dec 29, 2014) -  San Diego Private Bank (OTCQB: SDPB) announced today that it completed the acquisition of approximately $50 million in loans and the assumption of $8 million in deposits from First Security Business Bank on December 26, 2014. As previously stated by Selwyn Isakow, Chairman of San Diego Private Bank, "This transaction is meaningfully accretive to our earning in the first year."

Maria P. Kunac, President and CEO of San Diego Private Bank stated: "We want to welcome our new deposit and loan customers and look forward to offering you a Distinctly Different banking experience at any one of our four branch locations (Coronado, San Diego, La Jolla and Newport Private Bank in Newport Beach). First Security Business Bank will close its only office in Orange, California following the transaction. If it is not convenient for new clients to visit one of our locations, we will be happy to make arrangements to meet at your home or business to discuss our wide array of deposit, cash management, SBA loans as well as business and individual term loans and lines of credit."

San Diego Private Bank provides extraordinary levels of service to individuals and small businesses and specializes in financing investor commercial properties, owner occupied buildings and construction loans. The Bank also offers various portfolio and government guaranteed programs, including cross-border Export-Import Bank programs. San Diego Private Bank, is a SBA Preferred Lender.

San Diego Private Bank is publicly traded on the Over-the Counter Bulletin Board (OTCQB) under the ticker symbol "SDPB".

This press release may include forward looking statements that involve inherent risks and uncertainties. San Diego Private Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which San Diego Private Bank operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.

Contact Information

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