NEWPORT BEACH, Calif.--(BUSINESS WIRE)--First graph, second sentence of release should read: Independence now has pro forma assets of $449.3 million, deposits of $342.5 and gross loans of $302.2 and operates six locations in Orange and Riverside counties (sted the numbers in brackets). Also, please note that brackets have been removed from the third graph, second sentence of release.
The corrected release reads:
INDEPENDENCE BANK ANNOUNCES COMPLETION OF PREMIER SERVICE BANK ACQUISITION
Independence Bank (“Independence”) has announced the completion of the acquisition of Premier Service Bank (OTCBB: PSBK) (“Premier”). Independence now has pro forma assets of $449.3 million, deposits of $342.5 and gross loans of $302.2 and operates six locations in Orange and Riverside counties. Concurrent with the merger closing, Ken Stream, Premier’s former Chairman, and Kerry Pendergast, Premier’s former President and CEO have joined the Independence board of directors. Mr. Pendergast has also begun employment with Independence as Regional President of the Inland Empire.
“This transaction creates a strong community bank that can deliver enhanced value to customers, shareholders and the local communities we serve,” said Chuck Thomas, President and Chief Executive Officer of Independence Bank. “With the merger now successfully closed, we look forward to working with Kerry and the Premier Service Bank team to execute on our plans. The majority of the client-facing team at Premier will continue to serve our customers ensuring a smooth transition with a high level of service.”
Under the terms of the definitive agreement, Independence issued approximately 428 thousand shares of Independence stock plus $4.8 million in cash for all outstanding common shares of Premier common stock. Additionally, approximately $4.2 million was paid to the U.S. Treasury to retire all outstanding preferred shares previously issued to Premier under the TARP program. Independence has continued its efforts to be listed on the Over-the-Counter Bulletin Board, and will be listed soon now that the transaction has closed.
At the close of business on January 31st, Premier’s customers became Independence customers; however, Premier’s existing account agreements and all other contracts will continue to govern existing account(s). Customers should continue to bank at the same branches, on-line banking website, and ATMs, as well as continue to make loan payments as usual. The system conversion is currently scheduled for later this Spring, which is when Premier account(s) will be converted to the Independence system. Customers will be notified in writing in advance of any changes to their account(s) and other services. For any questions about the merger or account(s), customers can contact their Premier relationship officer or branch manager, call the Customer Care Line, or visit the Premier website at www.premierservicebank.com.
Independence Bank was advised by Keefe, Bruyette & Woods, Inc., a Stifel Company, as financial advisor and Stinson Morrison Hecker LLP as legal counsel. Premier Service Bank was advised by Hovde Group, LLC as financial advisor and Richard E. Knecht as legal counsel.
Independence Bank is a community-based institution that specializes in providing customized, personal financial solutions for individual and business customers. Headquartered in Newport Beach, California, customers can bank at any of the four conveniently located offices throughout Orange County in Newport Beach, San Juan Capistrano, Fountain Valley, Tustin; and once both banks’ core systems are fully consolidated later this year, in Riverside and Corona. Independence Bank also offers a robust and comprehensive online banking suite for both personal and business solutions.
Independence Bank customers enjoy the many advantages that a personal banking relationship offers: attentive service, flexible programs that can be adapted to one's needs and a genuine philosophy of true relationship banking.
As an institution, the Bank supports strong and vibrant local communities and strives to reinvest in the communities it serves. Independence Bank is an active member and participant in many community organizations throughout Orange and Riverside Counties. Independence Bank is a member FDIC bank and an equal housing lender.