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FIRST NATIONAL BANK OF SOUTHERN CALIFORNIA
ANNOUNCES EXECUTION OF DEFINITIVE AGREEMENT 

Minneapolis, MN and Riverside, CA, December 10, 2013 – First National Bank of Southern California announced today that Duke Financial Group, Inc. has entered into a Stock Purchase Agreement with three individual investors led by Michael Persall for the sale of all of the outstanding shares of First National Bank of Southern California. The investors, Michael Persall, Chooch Alsenz and Paul Becker, are currently all principals in ABP Capital, LLC a privately owned investment company located in Encinitas, CA. The Stock Purchase Agreement calls for continuation of the existing management of First National Bank of Southern California, under the new ownership of the investor group.

The agreement contains representations, warranties, a break-up fee and other covenants among the parties customary for a transaction of this nature.  Completion of the transaction is subject to regulatory approvals, as well as other customary closing conditions. It is anticipated the transaction will be completed in the first quarter 2014.

Michael Persall stated that “First National Bank of Southern California provides our group with precisely the opportunity we have been looking for in a community bank.  Duke Financial Group and the management of First National Bank of Southern California have created the foundation for an innovative Southern California institution that can truly be a force for business growth in its markets. First National Bank of Southern California’s service area of the Inland Empire and San Diego County provide a great foundation for the growth of our business model.”

“This is an exciting opportunity for First National Bank of Southern California,” said Jeffrey M. Watson, President and Chief Executive Officer of the bank. “The acquisition will provide us with capital resources that will support new growth and the expansion of products and services for our customers.  We are excited that our new ownership will foster the same emphasis on excellence that has helped us become a standout with the communities and businesses we serve, and who shares our vision of a community bank committed to quality.”

Contact:                                 

Michael Persall
760.230.8463
mpersall@abpcapital.com

 


 

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Customer Apprieciation Week!

To express our sincere thanks for your valued patronage

December 9 2013 will be Customer Appreciation Week at all of our offices. Please visit your local office to be treated with refreshments and a small token of our appreciation.