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.
Go deeper with GlobalData
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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
