Bank of Southern California to Acquire Two Branch Offices From Palm Desert National Bank

SAN DIEGO, Aug. 26 /PRNewswire-FirstCall/ --  Bank of Southern California (OTC Bulletin Board: FBBN) and Palm Desert National Bank have announced that they have signed a definitive agreement for Bank of Southern California to acquire two branch offices from Palm Desert National Bank (PDNB). Pending regulatory approvals, the transaction is expected to close by mid October 2010.

Nathan Rogge, President and Chief Executive Officer of Bank of Southern California, said, "This acquisition is consistent with our plans to continue to expand the bank's footprint within San Diego County and beyond.  We are excited about the economic opportunities in the Coachella Valley and believe the region has a bright future as the economy recovers. Palm Desert National Bank shares our commitment to high quality service and our focus on the business and professional banking markets.  We plan to work closely with them to ensure a smooth transition as we establish new business relationships and grow in this market."

Gary Lewis Evans, President and Chief Executive Officer of Palm Desert National Bank, said, "This asset sale strengthens our capital position as we continue to serve our long-time clients.  Clients in this region have relied on our bank for over 28 years, and we look forward to serving their needs with exceptional products and services from our flagship office in Palm Desert for many years to come."

When the transaction is completed, Palm Desert National Bank will continue to operate its Palm Desert office, which is located at 73-745 El Paseo.  The bank had $237.5 million in assets as of June 30, 2010.

The offices being acquired are the Palm Springs office, located at 333 N. Palm Canyon Drive, Suite 102, in Palm Springs, and the La Quinta office is at 47-000 Washington Street in La Quinta.  Bank of Southern California plans to retain the employees who currently work in those offices.  "We believe having PDNB's employees join our company is important to maintaining good customer relations and operating continuity," Rogge said.

Bank of Southern California, which operates offices in Del Mar, Carlsbad, Ramona and Downtown San Diego, had $127.3 million in assets as of June 30, 2010.

Established in 2001, Bank of Southern California is locally owned and managed and is committed to meeting the financial needs of small and medium-sized companies that make up Southern California's vibrant business community.  Seasoned bankers, with an average of over 20 years' experience, work one-on-one with clients to understand their unique needs and then utilize a full range of business and personal banking services to develop customized banking solutions that contribute to the growth and success of their business.  Bank of Southern California remains one of the strongest, best-capitalized banks in Southern California, with a growing asset base and loan portfolio.  For more information, visit www.banksocal.com or call (858) 847-4780.

Palm Desert National Bank is a locally owned and independent bank, a wholly owned subsidiary of Palm Desert Investments.  Palm Desert National Bank is a nationally chartered financial institution and is also home to Electronic Banking Solutions (EBS), a division that was established in 1994 with a mission to provide premier electronic banking services throughout the United States for a variety of product line services.  For more information, log on to https://www.pdnb.com.

SOURCE Bank of Southern California

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