Business & Tech
PacTrust Bank Selling Temecula Location
The Temecula branch of Pacific Trust Bank, at 27425 Ynez Road, is among four in Riverside and Los Angeles counties, along with four in San Diego County, being sold to AmericanWest Bank.
This post was written by Patch Local Editor Shauntel Lowe.
First PacTrust Bancorp., Inc., which owns Pacific Trust Bank, has agreed to sell its Temecula location and seven other branches to AmericanWest Bank to improve "overall efficiency and profitability," the company announced this week.
The Temecula branch at 27425 Ynez Road is among four in Riverside and Los Angeles counties on the sale list, along with four in San Diego County.
"PacTrust Bank’s recent success attracting high quality core deposits in our target markets such as Beverly Hills, Newport Beach and La Jolla has provided us the excess liquidity necessary to prudently execute this transaction," Steven Sugarman, CEO of First PacTrust Bancorp, said in the announcement.
Four branches in San Diego County—Chula Vista, one in El Cajon and another in Clairemont—will be sold, plus the Temecula location and three others in Los Angeles and Riverside counties. The eight branches had deposits worth nearly half-a-billion dollars at the end of March, the announcement stated. The deposits, a blended deposit premium of 2.3 percent, real estate and other assets are part of the sale, which is expected to be finalized by the fourth quarter.
The sale will give AmericanWest Bank 20 locations in Southern California.
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