RIVERSIDE, Calif.--(BUSINESS WIRE)--Security Bank of California, the wholly owned subsidiary of Security California Bancorp (OTCBB: SCAF), today announced that it has signed a definitive agreement to purchase a branch in the Temecula/Murrieta market from Rabobank N.A. The branch is located at 40723 Murrieta Hot Springs Road in Murrieta.
The transaction, which is expected to close during the second quarter of 2015, subject to regulatory approval and other customary conditions, is expected to result in the acquisition of approximately $53 million in deposits. No loans will be acquired as part of the transaction. Security Bank of California expects to retain the employees currently working in the branch.
“We have been looking to enter the Temecula/Murrieta market in a meaningful way, and this branch acquisition is an efficient means to achieving our goal,” said James A. Robinson, Chairman and CEO of Security Bank of California. “The dynamics of this market are similar to the areas where we have had our greatest success, and we believe our highly personalized, high touch approach to commercial banking will be well received by small- and middle-market businesses in this market. We look forward to growing our presence in the Temecula/Murrieta area in the years ahead.”
About Security California Bancorp and Security Bank of California
Security California Bancorp is the parent of Security Bank of California and is traded on the Over the Counter Bulletin Board (“OTCBB”) under the symbol SCAF.OB. Through its full service offices in Riverside, San Bernardino, Redlands, Orange and Palm Desert, Security Bank of California is a full service community bank, focusing on providing banking services for businesses, their owners and families, and successful individuals. The bank also has a Loan Production Office (“LPO”) in Irwindale. To learn more about the bank’s products and services, call 951-368-2265 or visit the company’s Web site at www.securitybankca.com
About Rabobank N.A.
Rabobank N.A. is a premier California community bank known for personalized service and a wide range of financial products and services for individual, business, and food and agribusiness clients. Headquartered in Roseville, Calif., and with $15 billion in assets, the bank's more-than-100 branches, multi-function ATMs, and innovative online and mobile banking services empower customers to bank when, where and how they want. Rabobank's 1,700 employees take pride in helping to improve their communities personally and professionally. www.rabobankamerica.com.
Forward Looking Statements
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. These include statements as to the anticipated benefits of the branch acquisition, including future financial and operating results, and enhanced revenues that may be realized from the branch acquisition as well as other statements of expectations regarding the branch acquisition and any other statements regarding future results or expectations. Security California Bancorp intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The company’s ability to predict results, or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material effect on the operations and future prospects of Security California Bancorp, include but are not limited to: (1) the businesses of Security California Bank and the branch operations to be acquired from Rabobank may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the branch acquisition may not be fully realized or realized within the expected time frame; (3) revenues following the branch acquisition may be lower than expected; (4) customer and employee relationships and business operations may be disrupted by the branch acquisition; (5) the ability to obtain required regulatory, and the ability to complete the branch acquisition on the expected timeframe may be more difficult, time-consuming or costly than expected; and (6) changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in Security California Bancorp’s market areas; its implementation of new technologies; its ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines. Security California Bancorp undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.