Business
Friendly Hills Bank Completes Branch Acquisition
Friendly Hills Bank Completes Branch Acquisition.
About this update from First Pacific Bancorp
[{"type":"text","content":"\n WHITTIER, Calif., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Friendly Hills Bancorp (OTCBB: FHLB), the holding company for Friendly Hills Bank, announced today the closing of its acquisition of three branch offices of Bank of Southern California, effective September 24, 2021. In connection with the branch acquisitions, Friendly Hills Bank assumed approximately $81.2 million in deposits and will operate from new locations in Orange, California and Redlands, California. Bank of Southern California’s Santa Fe Springs branch operation has been consolidated with the nearby Friendly Hills Bank’s Santa Fe Springs branch location. The net purchase price for the acquisition, including the cost of personal property and other fixed assets, was approximately $1.3 million. “We are delighted to welcome these new clients and employees to Friendly Hills Bank,” commented Jeffrey K. Ball, Chief Executive Officer. “Our community bank model, which focuses on quality service and relationship style banking, is a great fit for these offices and the communities that they are proud to serve. We look forward to the growth opportunities in these markets with our ability to provide quality banking and payroll processing services.” ABOUT FRIENDLY HILLS BANKFriendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The Bank was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The Bank is headquartered in Whittier, California with additional branch offices in Orange, Redlands and Santa Fe Springs, California. For more information on the Bank, please visit www.friendlyhillsbank.com or call 562-947-1920. FORWARD-LOOKING STATEMENTSThis news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Friendly Hills Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily...