First California Financial Group (FCAL)

[Enterprising Investor]

FCAL Acquires San Luis Trust Bank (2/18/11)

WESTLAKE VILLAGE, CA--(Marketwire - February 18, 2011) - First California Financial Group, Inc. (NASDAQ: FCAL), 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 San Luis Trust Bank (OTCBB: SNLS), effective at the close of business Friday, February 18, 2011, from the Federal Deposit Insurance Corporation (FDIC) acting in its capacity as receiver of San Luis Trust Bank.

To protect depositors of San Luis Trust Bank, the FDIC entered into a purchase and assumption agreement under which First California Bank assumed all deposits of San Luis Trust Bank. The single branch previously operated by San Luis Trust Bank will reopen Tuesday morning, February 22, as part of the First California Bank franchise. San Luis Trust Bank's depositors will automatically become depositors of First California Bank.

"This transaction is in keeping with our growth strategy and expands our geographic footprint into San Luis Obispo County," said C. G. Kum, president and chief executive officer of First California Financial Group. "First California is financially strong, and San Luis Trust Bank customers can be confident that their deposits are safe and readily available. We welcome our new customers and employees to the First California family."

As a result of this transaction, First California Bank will assume approximately $275 million in total deposits and $220 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.

San Luis Trust Bank is a single branch community bank located in San Luis Obispo, California, serving the banking needs of businesses and individuals countywide since 1999.

http://www.marketwire.com/press-release/First-California-Acquires-San-Luis-Trust-Bank-NASDAQ-FCAL-1398757.htm