Los Angeles-based PBB Bancorp, the holding company of Premier Business Bank, has agreed to acquire First Mountain Bank, which is based in Big Bear Lake, California, for approximately $13.4m.
Under the deal, each share of First Mountain Bank common stock will be exchanged for a combination of $1.05 in cash and one share of PBB Bancorp common stock.
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The combined entity would have total assets of approximately $380m and total deposits of approximately $300m.
Post merger, Premier Business Bank president and CEO John Polen will continue to serve the position for the combined bank, while two current directors of First Mountain Bank will join the board of PBB Bancorp and Premier Business Bank.
Polen said: "The merger of Premier Business Bank and First Mountain Bank provides an exciting future for customers, shareholders, employees and the communities in which the combined bank will operate. The combined institution will continue to provide the same level of outstanding personalized banking service, to which the customers of both institutions have been accustomed."
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