Tuesday, February 22, 2011

First California Financial Group, Inc. (FCAL), the Holding Company of First California Bank, Acquires San Luis Trust Bank

First California Financial Group, Inc. announced late Friday that First California Bank assumed all of the deposits and substantially all of the assets of San Luis Trust Bank, effective at the close of business Friday, February 18, 2011, from the Federal Deposit Insurance Corporation (FDIC) acting in their capacity as receiver of San Luis Trust Bank. First California Financial Group, Inc. is the holding company of First California Bank.

San Luis Trust Bank is a single branch community bank located in San Luis Obispo, California, serving the banking needs of businesses and individuals countywide since 1999.

C. G. Kum, President and Chief Executive Officer of First California Financial Group, Inc. said, “This transaction is in keeping with our growth strategy and expands our geographic footprint into San Luis Obispo County. First California is financially strong, and San Luis Trust Bank customers can be confident that their deposits are safe and readily available. We welcome our new customers and employees to the First California family.”

To protect depositors of San Luis Trust Bank, the FDIC entered into a purchase and assumption agreement. Under the agreement, First California Bank assumed all deposits of San Luis Trust Bank. The single branch previously operated by San Luis Trust Bank will reopen Tuesday morning, February 22, 2011 as part of the First California Bank franchise. San Luis Trust Bank’s depositors will automatically become depositors of First California Bank.

Because of this transaction, First California Bank will assume approximately $275 million in total deposits and $220 million in total loans. All of the loans purchased from the FDIC are covered under loss-sharing agreements that afford First California Bank significant protection from losses.

Headquartered in Westlake Village, California, First California Financial Group, Inc. is celebrating 32 years of business in 2011. They have assets of approximately $1.9 billion and an experienced team of bankers who lead the Company. They specialize in serving the comprehensive financial needs of the commercial market, particularly small- and middle-sized businesses, professional firms, and commercial real estate development and construction companies. First California offers a full line of quality commercial banking products through 19 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, and Ventura counties.

For more information visit: www.fcalgroup.com

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