Security Business Bank of San Diego, which announced its sale to AmericanWest Bank of Spokane, Wash. in March, reported first quarter net income of $290,000, compared with net income of $117,000 for the like quarter of 2011.
Total loans at the end of March were up 11 percent to $182 million, while its core deposits declined by 11 percent to $162.5 million.
Security Business reported total assets of $224.6 million, down 2.8 percent from the prior year’s first quarter.
The bank announced it signed a definitive agreement on March 23 to sell the company to AmericanWest for an aggregate cash price of $26 million. At the time, AmericanWest had about $2.3 billion in total assets and more than 70 branches in California, Washington, Idaho and Utah, including four in San Diego County that it got in an earlier acquisition of Sunrise Bank.
That deal included a branch in Escondido where Security Business has one of its four branches. AmericanWest CEO Scott Kisting said those two branches would be consolidated into one.
After it obtains the necessary shareholder and regulatory approvals, the Security Business transaction is expected to close during the third quarter, the companies said.
— Mike Allen