LOS ANGELES, January. 29, 2016 – BUSINESS WIRE
PBB Bancorp (“PBCA”) (OTCQX: PBCA), the parent company of Premier Business Bank, announced today the successful merger with First Mountain Bank. PBB Bancorp first entered into a definitive merger agreement with First Mountain Bank on June 22, 2015. This merger combines Premier Business Bank’s leading operation in Los Angeles County with First Mountain Bank’s strong presence in San Bernardino County. “With the merger, the combined assets are in excess of $425 million,” said John R. Polen, president and CEO of Premier Business Bank.
Premier Business Bank is very pleased to complete the merger with First Mountain Bank. Their three offices and strong community foundation in Big Bear Valley, Running Springs, and Lucerne Valley is a positive complement to our Los Angeles operation. “I am pleased to welcome First Mountain Bank’s customers and employees to our Bank,” stated Polen.
With the successful close of the transaction, the Bank’s focus will be to continue serving individuals, businesses, and real estate investors with the best in local community banking. We will be offering a comprehensive range of new and enhanced products and services. “We look forward to serving First Mountain Bank customers with a devoted team who are committed to delivering the personalized service they have come to know,” said Polen.
PBB Bancorp is the parent company of Premier Business Bank, a full service community business bank headquartered in downtown Los Angeles, California. Premier has two additional locations in Los Angeles County; a community-based full service retail branch in Palos Verdes and an SBA loan center in Torrance; and three locations in San Bernardino County; community-based full service retail branches in Big Bear Lake, Running Springs, and Lucerne Valley, all of which will retain the First Mountain Bank name as a division of Premier Business Bank.
Premier Business Bank, Premier Bank of Palos Verdes, and First Mountain Bank have a client-centric service philosophy that focuses on client relationships with individuals, small to medium size businesses, real estate investors, professional management firms, and entrepreneurs. PBB Bancorp currently trades on OTCQX under the symbol “PBCA.” For more information, please visit us at www.ibankpremier.com or www.firstmountainbank.com.
This financial information release is based on unaudited financial results. Certain statements contain “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) such as statements about certain plans, expectations and projections which are subject to numerous risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California, the adequacy of the Bank’s allowance for loan losses, and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for entire years to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.