San Diego Business Journal

First PacTrust Bancorp Agrees to Sell 8 Branches, Including 4 Local Sites

Wednesday, June 5, 2013

First PacTrust Bancorp Inc., parent of Pacific Trust Bank, which relocated to Irvine last year from Chula Vista, said it signed a definitive agreement to sell eight of its branches, including four in San Diego County, to AmericanWest Bank.

In addition to two branches in Chula Vista, the local branches going to AmericanWest are in Clairemont and El Cajon.

The transaction that is expected to close in the fourth quarter calls for AmericanWest to receive about $477 million in deposits as reported on March 31. Certain other assets including three of the branches’ real estate are involved in the deal. The blended premium on the deal is 2.3 percent applied to the deposit balances on the closing, First PacTrust said.

Following the transaction, Spokane, Wa.-based AmericanWest will have 20 branches in Southern California and 10 in San Diego County.

— SDBJ Staff Report