First California Acquires Western Commercial Bank WESTLAKE VILLAGE, CA, Nov 05, 2010 (MARKETWIRE via COMTEX) -- First California Financial Group, Inc. /quotes/comstock/15*!fcal/quotes/nls/fcal (FCAL 2.51, +0.01, +0.40%) , the holding company of First California Bank, today announced that First California Bank assumed all of the deposits and substantially all of the assets of Western Commercial Bank /quotes/comstock/11k!wcbh (WCBH 0.01, +0.01, +100.00%) , effective at the close of business Friday, November 5, 2010, from the Federal Deposit Insurance Corporation (FDIC) acting in its capacity as receiver of Western Commercial Bank.
To protect depositors of Western Commercial Bank, the FDIC entered into a purchase and assumption agreement under which First California Bank assumed all deposits of Western Commercial Bank. Branches previously operated by Western Commercial Bank will reopen Monday morning, November 8, as part of the First California Bank franchise. Western Commercial Bank's depositors will automatically become depositors of First California Bank.
"We welcome Western Commercial Bank's customers and employees to the First California family," said C. G. Kum, president and chief executive officer of First California Financial Group. "First California is financially strong, so customers can be confident that their deposits are safe and readily available. This transaction is in keeping with our growth strategy and increases our market share in Southern California."
As a result of this acquisition, First California Bank will assume approximately $101.1 million in total deposits and $83.9 million in total loans. All of the loans purchased from the FDIC are covered under loss-sharing agreements that afford First California Bank significant protection from losses.
Western Commercial Bank, headquartered in Woodland Hills, California, is a business bank that offers a comprehensive selection of business deposit and loan products. Western Commercial Bank's primary markets are Ventura County and the San Fernando Valley.