RIVERSIDE, Calif., July 27, 2015 (GLOBE NEWSWIRE) -- Security Bank of California, the wholly owned subsidiary of Security California Bancorp (OTCBB:SCAF), today announced that it has completed its purchase of a branch in the Murrieta/Temecula market from Rabobank N.A. The new branch, located at 40723 Murrieta Hot Springs Road in Murrieta, represents Security Bank's sixth full service branch in Southern California.
Through the acquisition of the branch, Security Bank of California has added approximately $40 million in deposits. No loans were acquired as part of the transaction.
"We are excited to open our new branch and we are very pleased that all of the current staff has joined our team and will continue to help us expand our products and services to the Murrieta/Temecula business community," said James A. Robinson, Chairman and CEO of Security Bank of California. "Security Bank has become one of the fastest growing community business banks in California by offering businesses a sophisticated and flexible suite of financial products and services, combined with our highly personalized, high-touch approach to customer service. We look forward to supporting small- and middle-market businesses in the Murrieta/Temecula area in the years ahead."
"I have known the management of Security Bank for many years and I am excited that they have chosen to bring their unique approach to commercial banking to the Murrieta/Temecula market," said Joan Sparkman, Chair of the Southwest Health Systems Board of Governors and a longtime business community advocate in the Temecula Valley. "I am certain that area businesses will appreciate working with a flexible and responsive bank that understands this market and makes decisions locally."
About Security California Bancorp and Security Bank of California
Security California Bancorp is the parent of Security Bank of California and is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol SCAF.OB. Through its full service offices in Riverside, San Bernardino, Redlands, Orange, Palm Desert, and Murrieta/Temecula, Security Bank of California is a full service community bank, focusing on providing banking services for businesses, their owners and families, and successful individuals. The bank also has a Loan Production Office ("LPO") in Irwindale. To learn more about the bank's products and services, call 951-368-2265 or visit the company's Web site at www.securitybankca.com.
Forward Looking Statements
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. These include statements as to the anticipated benefits of the branch acquisition, including future financial and operating results, and enhanced revenues that may be realized from the branch acquisition as well as other statements of expectations regarding the branch acquisition and any other statements regarding future results or expectations. Security California Bancorp intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The company's ability to predict results, or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material effect on the operations and future prospects of Security California Bancorp, include but are not limited to: (1) the businesses of Security California Bank and the branch operations acquired from Rabobank may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the branch acquisition may not be fully realized or realized within the expected time frame; (3) revenues following the branch acquisition may be lower than expected; (4) customer and employee relationships and business operations may be disrupted by the branch acquisition; (5) the ability to obtain required regulatory, and the ability to complete the branch acquisition on the expected timeframe may be more difficult, time-consuming or costly than expected; and (6) changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in Security California Bancorp's market areas; its implementation of new technologies; its ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines. Security California Bancorp undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Matt Andrejczak Financial Profiles for Security Bank of California (310) 622-8241 firstname.lastname@example.orgSource:Security California Bancorp