56.7 F
San Diego
Friday, Apr 12, 2024

Peninsula Shareholders Agree to U.S. Bancorp Merger

San Diego National

Acquires Local Branches

Of Los Padres Bank

Shareholders of Peninsula Bank of San Diego last Tuesday approved purchase of their bank by Minneapolis-based U.S. Bancorp.

The vote came after a merger agreement was announced by the banks in September. It comes on the heels of the acquisition of another local lender, Bank of Commerce, last year by U.S. Bancorp.

The shareholders’ vote came after a lawsuit filed earlier this month by James Kennedy, a stockholder attempting to set aside the purchase agreement. In the suit filed in San Diego Superior Court, Kennedy contends the agreement was altered when U.S. Bancorp cut its earnings estimates Dec. 6 and its stock price fell.

Under the merger agreement, the local bank’s shareholders are to receive USB stock in exchange for their shares in Peninsula Bank.

Peninsula Bank, in a prepared statement, said it believes the complaint is totally without merit and intends to defend the merger action vigorously.

Peninsula operates 10 branches throughout San Diego and at the time of the merger announcement, the bank reported assets of $468.9 million. It said in September that the deal was then valued at approximately $100 million to $120 million, depending on stock price fluctuations.

– – –

Acquisition: San Diego National Bank has reached an agreement to buy two San Diego County branch offices from Solvang-headquartered Los Padres Bank.

Robert Horsman, president and CEO of the privately owned local lender, said the two branch offices are at 515 Encinitas Blvd. in Encinitas and at 16796 Bernardo Center Drive in Rancho Bernardo.

The purchase agreement provides for SDNB to acquire $65 million in deposits. No loans were included in the transaction with the exception of overdraft lines-of-credit and savings-secured loans, he said.

A closing date of Feb. 18 is set for the transaction, with the local lender reopening both branches Feb. 22 under the San Diego National Bank banner, Horsman said.

Because of SDNB’s existing office in Rancho Bernardo, it plans to consolidate the Los Padres Rancho Bernardo branch office once SDNB’s new Rancho Bernardo branch at 16789 Bernardo Center Drive is completed in April, he said.

The Encinitas branch of Los Padres Bank will remain in the same location. The two branches were the only local offices for Los Padres Bank, which has seven offices in central California and about $540 million in assets. SDNB has about $1.2 billion in assets and 13 branch offices in San Diego County.

SDNB opened a new branch last month at 4270 Executive Square in San Diego.

Meeting Scheduled: How women can advance their careers in finance will be the topic of a meeting that starts at 5 p.m. Tuesday, Jan. 25, at the Doubletree Hotel, 7450 Hazard Center Drive.

Sponsored by the San Diego County Group of Financial Women International, the event will include a networking hour, dinner and a workshop discussion moderated by Kathy Perdue, public affairs chairwoman for the organization.

– – –

Bank Moves: Imperial Thrift and Loan Association has changed its name and moved its headquarters to La Jolla.

The bank’s new name is Imperial Capital Bank and is headquartered in the same location at 888 Prospect St., La Jolla, as is its parent, ITLA Capital Corp., said George W. Haligowski, president of ITLA Capital Corp.

An official for First Nationwide Financial Services Inc. of Carlsbad said his company’s no-points, no-fees, no-charges refinancing is making it money.

The diversified financial services company six months ago started offering mortgage borrowers free refinancing of their existing loans through the company, said Earl Houston, a company spokesman.

While the firm doesn’t make any money on the refinancing, the borrower usually refers an average of four new customers to the company. The new borrowers then pay the customary loan origination fees costs and charges on their initial loans, but also have the option to refinance without cost, he said.


Featured Articles


Related Articles