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Source: The Press-Enterprise, Riverside, Calif.儲存Nov. 07--Independence Bank in Newport has announced plans to buy Premier Service Bank, and merge commercial banking operations to expand its footprint into Riverside County in the first half of 2014.As part of the deal, Independence plans to pay $8.6 million in cash and stock to acquire the Riverside-headquartered Premier bank reporting $128.4 million in assets, $65.5 million in loans and $114.8 million in deposits as of Sept. 30.Premier noted $113,000 in earnings in the last quarter of 2013.The per-share price of $6.85, or $8.6 million, for Premier shareholders can be exchanged for cash or Independence Bank common stock. Premier stock closed Monday, Nov. 4, at $4.50 a share."This merger gives us a meaningful presence in Riverside County," Charles Thomas, president and chief executive of Independence Bank, said in a statement released jointly with Premier on Nov. 4. It represents an opportunity to combine two well-respected banks that share a strong commitment to its local communities, he said.With four branches in Orange County, the $311.8 million-asset Independence is a commercial bank offering personal and business banking and commercial real estate lending to clients.Independence, also reporting $219 million in loans and $227.4 million in deposits, had $39.8 million in shareholder equity as of Sept. 30.Kerry Pendergast, president and chief executive of Premier, a commercial bank headquartered at 3637 Arlington Ave., Riverside, and with a full-service branch at 102 E. Sixth St., Corona, said in the statement the transaction will give the Premier team balance sheet strength and the product platform that is needed to improve operations and grow."It will also provide a great opportunity for our shareholders to invest in a growing and profitable bank," he sai迷你倉.For Premier, the merger which is subject to regulatory and shareholder approval by both banks, caps a set of twists and turns that began in February 2012 for a bank that was founded in Riverside in 2001. At the time, Premier announced a $2 million stock sale to First California Financial Group in Westlake Village.In the years leading up to the sales activity involving First California, Premier had been struggling with bad loans and quarterly debt. In December 2010, regulators ordered Premier to increase its assets-to-capital ratios. One year later, a stock offering to bring in up to $10 million failed to attract sufficient sales.Citing Premier's difficulty raising capital, analysts said a merger would be a good deal for Premier depositors, employees and shareholders.But the sale to First California, originally set to close in August 2012, was delayed in July 2012 by an amendment involving stock pricing thresholds. The sale was mutually cancelled in January 2013. Premier shareholders were told to expect consideration of $6.85 per share, or $8.6 million, when the sale to First California was mutually cancelled.First California later sold itself to Los Angeles-based PacWest Bancorp.Premier's year-end financial report for 2012 said the bank returned to profitability for the first time since 2007.Under the current deal, Independence Bank said its stock will be listed publicly on the over-the-counter bulletin board after the merger is closed.Pendergast would assume the role with Independence as regional president. He would join the Independence Bank board of directors as part of the merger, along with Premier bank chairman Kenneth Stream Jr.Copyright: ___ (c)2013 The Press-Enterprise (Riverside, Calif.) Visit The Press-Enterprise (Riverside, Calif.) at .PE.com Distributed by MCT Information Services儲存倉