First PacTrust Bancorp, Inc. Announces Expansion into Los Angeles County and Provides Update on Organic Growth Strategy
25 Mai 2011 - 3:30AM
Business Wire
First PacTrust Bancorp, Inc. (the “Company”) (NASDAQ: FPTB), the
holding company for Pacific Trust Bank (the “Bank”), announced
today that the Bank executed a lease for a new branch location in
Los Angeles County as part of its organic expansion of its retail
banking platform. The new location, subject to regulatory approval,
will add Santa Monica, California to the list of communities served
by its retail banking offices. The Bank is also in negotiations for
a lease for its planned Century City, California office. In
addition, the Company announced that the Bank is exceeding expected
deposit growth in its newly opened branch located in La Jolla,
California, while also providing an update on the opening of a new
office in San Marcos, California.
“Consistent with our stated goal of organic growth and franchise
enhancement through the establishment of three to four new banking
offices per year, we are delighted to report on Pacific Trust
Bank’s entrance into Los Angeles County when the Bank opens its new
branch office located at the corner of 20th and Santa Monica
Boulevard in Santa Monica. The new branch, when opened in the fall
of 2011, will follow the opening of our new office in La Jolla on
March 14, 2011, and the expected opening of our San Marcos office
in June 2011. The addition of these three offices will result in a
33% increase in the number of banking offices during 2011. The new
offices will be staffed with established and well-respected
community bankers, who are expected to generate meaningful growth
in core deposits and fee income. We anticipate that these markets,
like our recent experience in La Jolla, will provide above average
growth as we continue to take advantage of opportunities resulting
from the high degree of market fragmentation and low customer
satisfaction levels caused by recent bank failures,” said Greg
Mitchell, the Company’s President and CEO.
Pacific Trust Bank also reported favorable production results
from its newly established branch located at 7877 Ivanhoe in La
Jolla, California. Since opening on March 14, 2011, the branch has
attracted more than $21 million in core banking relationships,
exceeding early estimates for expected growth. The Bank also
reported that it expects to open its eleventh office located at
1642 West San Marcos Boulevard by June 20, 2011. The Santa Monica
location will represent the Bank’s 12th office and is expected to
open in October 2011. “We are pleased with the progress that has
been made on delivering on promises to our shareholders, customers
and employees, as we build the 'Bank of Choice' in Southern
California. We continue to believe in the viability of our strategy
of building a strong franchise through the combination of organic
growth and acquisitions, and remain quite pleased with our
progress,” Mitchell noted.
First PacTrust Bancorp, Inc. is the parent holding company of
Pacific Trust Bank, and is headquartered in Chula Vista,
California. Pacific Trust Bank currently operates through ten
banking offices serving primarily San Diego and Riverside Counties
in California. Pacific Trust Bank provides customers with the
convenience of banking at more than 4,300 branch locations
throughout the United States as part of the CU Services Network and
28,000 fee-free ATM locations through the CO-OP ATM Network.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the "Safe-Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
necessarily subject to risk and uncertainty and actual results
could differ materially from those anticipated due to various
factors, including those set forth from time to time in the
Company's filings with the Securities and Exchange Commission. You
should not place undue reliance on forward-looking statements and
the Company undertakes no obligation to update any such statements
to reflect circumstances or events that occur after the date on
which the forward-looking statement is made.
First Pactrust Bancorp, Inc. (MM) (NASDAQ:FPTB)
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